Top 4 Dangers of Overpricing Your Pleasanton Home
Selling your home to buyers looking for Pleasanton homes for sale can be quite a challenging task. While many buyers will undoubtedly fall in love with the scenic views of the surrounding hills and vineyards, you certainly do not want the sale to drag any longer than necessary. They key to selling your home quickly is pricing it right from the start. Many homeowners make the mistake of believing that overpricing their home can yield a higher price. They are not aware that an overpriced home can spell disaster.
Here are some reasons why you should avoid overpricing and aim at setting the right price for your home:
Staying too long in the market
Ruby Hill is located in the picturesque Livermore Valley wine country just west of Hwy. 84 at the east border of Pleasanton. The community boasts of a great golf course, pools, and nice walking areas that buyers find hard to resist. If you make the mistake of overpricing your home, buyers might get turned off. Buyers are very savvy when it comes to searching online pricing, and although third-party sites very often get it wrong, you as a seller must get it right!
Overpricing would mean that getting your home off the market will take longer than it should. In real estate, time is essential; specifically the first 2 weeks on the market! Depending on the temperature of the market, the ideal time frame in selling a home is usually within the first few months once on the market. What happens if it stays too long on the market? Buyers quickly get the impression that there is something wrong with your home. You may also risk having your listing expire. Remember that the number one question that every buyer asks their agent is, “How long has this home been on the market?” Right pricing is essential!!
Failing to show up in search results
Most home buyers and real estate agents begin their home search on search engines and consumer multiple listing sites. If you set your home price at $1,100,000 everyone searching for homes up to $1,040,000 will not see your home in the search results.
Pricing within the range of comparable sales data will make certain that your home is seen by everyone looking for a property to buy in your area. You do not have to keep guessing your home’s right value as you remember, “There is free market evaluation for my home in Pleasanton CA”.
Home appraisal problems
Even if you are lucky enough to find a buyer who is willing to pay your asking price, there could still be a problem with the home appraisal. Most buyers need to borrow money from the bank to pay for your home. All banks require an appraisal of any property for which they loan money. The local appraiser will take into consideration how much you love your home and how well suited it is for the particular buyer. He or she will do their job and appraise your home accordingly and by using comparable sold properties.
Missing out on your desired home
There are instances when the perfect home for you to purchase as a replacement property presents itself while you are still trying to find a buyer for your current home. If you make the mistake of overpricing your home, you will have very little chance of selling your home in time to purchase the next property. Therefore, you will not be in a position to buy your desired home.
I liken an overpriced home for sale as that of rolling a ball down a steep hill and trying to catch it. That doesn’t sound like much fun. If your home is truly worth your desired price, the best chance of getting that price will be comparably pricing it to neighborhood homes. When buyers come into your home to see the spectacular reasons why you think it should be priced higher, you may likely have more than one buyer vying for your home, thus creating a bidding war and driving the price to the market price. The best thing to remember is that your home, when properly presented will bring the best market price.