Seller Tips:  Beware of Overpricing your Home

Many sellers interview several real estate agents prior to selecting an agent.  However, a common mistake that sellers make is to hire the agent who indicates your home is worth far more than other agents believe or comparable sales data indicate.  Unfortunately, many real estate agents will say just about anything to get a listing – figuring that, after you sign a 180 listing contract, you have no choice but to work with them and that the sales price can be lowered later. 

Keep in mind, however, that the market sets the price of your home – and buyers are more interested in what other available houses are selling for rather than historic sales data.  Real estate is a product and your home should be priced appropriately – not so low as to be a bargain but not so high that buyers will look elsewhere. 

When a home first hits the market, many agents are likely working with buyers in your price range and an initial “burst” of activity is common.  After this initial period, the seller waits for new buyers to come into the market – which they do – but at a relatively slow pace.  Therefore, pricing your home correctly in the beginning is the most effective way to find a buyer.

Realty Corporation of America agents are honest and straightforward with their real estate counsel.  We provide our honest opinions and do not simply tell you what you want to hear.  As a seller, you should carefully review comparable sales data or even look at other “competing” homes on the market in a similar price range to understand the market fully.