Selling the property at the rate they have priced it will be the ultimate goal of a seller. The sellers expect to get maximum amount of profit through selling and from a seller’s perspective that is totally right and fair. After all, nobody wants loss in any kind of business. People will always sell their property to the buyers who are willing to pay more.
We have already talked about different tips to make more money while selling house and also about the common mistakes that sellers make during the selling process in our earlier posts. One of the issues that we have mentioned in both the posts is about setting unrealistic selling price for the property. Overpricing a property will always cause hindrance to the fast selling of it. It will delay the flow of procedures in the selling process. You may find it hard to sell an overpriced property placed in the real estate market.
So, what are some of the risks of overpricing a property when you try to sell it? Does that really affect the selling process? Why am I not able to get the fixed price even when I own the property? These are some of the questions that I have come across while handling different clients during these past years. Understanding the situation of the seller and listening to them is so important in a real estate business. So, informing them of the risks of overpricing the property is of utmost importance just like every other aspect.
Now, let’s decode some of the risks that you may have to face when you overprice the property for selling.
More time to sell
An overpriced property usually takes more time to get sold. People look for better and cheaper options when they see an overpriced property on the real estate websites. This can affect the value of your property as nobody will be interested to buy it. Being in the market for a very long time can also affect the price and demand of the property. As we have already mentioned, more the time the property is in market, lesser will be its demand. As time passes by, the asset of the property gradually decreases and you will be forced to bring down the selling price of the property.
Less demand or online search issues
Your property may not be listed in the most searched category on the website since the price you have assigned is too high for the buyer to meet. The property may not appear in frequent search results which can in turn reduce the demand of it. Always price your property fairly so that it can reach to more potential buyers.
Might be a benefit for other similar properties
There are chances that other similar properties might benefit from high cost of your property. People might ignore your property because they think that it is not affordable and search for other properties with similar features which will be available in low price compared to yours. Both the properties may have the same features and infrastructures, but the demand depends on the price. This can take your property out of the list from the websites or market.
Tiring for you
As mentioned in point 1, an overpriced property takes time to sell and the procedures itself will be hard. This can cause stress for the seller and they may loss hope. It will be tiring as it takes a lot of time and money to find a potential buyer.
Try to price your property according to the current trends of the market and your need. Try not to overprice it.