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Richard C. James
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Am I overpricing my property?

On Behalf of | May 9, 2023 | Real Estate Law

Nobody wants to sell themselves short when they put their property on the market. Although this is understandable, some people get carried away and overprice their property. This can usually result in difficulties in finding interested buyers.

How can you know if your property’s price is too steep?

There are several ways to see if you priced your property too high. Here are two of them:

  • Check the price of comparable properties in your area. Look for properties for sale and see if your listed price is significantly higher.
  • Compare days on the market. If similar properties in your area get buyers faster, even though there is nothing wrong with your property, the price could be a likely issue.

Should you consider reevaluating your listing price, it pays to research factors like local market conditions and how the time of the year affects property sales in your area.

What are the adverse effects of overpricing your property?

If you price your property too steeply, finding an interested buyer might take a long time. This could become problematic if you have other transactions depending on the sale. Moreover, the longer your property stays on the market, the less attractive it might become to potential buyers.

Some sellers become desperate when their property remains unsold after some time, and they end up lowering their prices considerably to entice buyers. This tactic might be counterproductive, however, as the sudden price change might make some buyers suspicious of the property’s quality and prospects.

Selling your property can be challenging, but there are ways to simplify the process. For example, an experienced realtor can help you produce a reasonable price without undervaluing your property. A specialist in real estate law, on the other hand, can help iron out legal matters to prevent delays and other issues with your transactions.