If you’re considering selling your home, spring is a prime season, but beware of overpricing your home! Historically, this time of year brings in an increase of inventory and an eagerness of buyers to move forward, especially with summer on the horizon.
Navigating Your Home Sale
There are many questions you may have when preparing to sell your property. These might include the current market value of your home and the current market trends affecting it, to strategies to maximize the value, among other questions.
Setting the price right is one of the most important decisions you will make before displaying that “For Sale” sign. It’s common for us to encounter sellers who are inclined to list their homes above market value. While it’s understandable to want to maximize your investment, asking too much for your home could be counterproductive.
First Impressions and Pricing Strategy
Your home has one first impression to make when it hits the market, and we want it to be a positive one. The price of your home communicates a lot to buyers, and a home priced above market value could deter them. As highlighted by a U.S. News Real Estate article: “Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.“
Buyers are generally unwilling to pay more for a home than the market value. Considering the interest rates and property appreciation over recent years, many buyers are already feeling spread thin. An overpriced home could be completely overlooked, preventing potential buyers from previewing your home firsthand. Our goal is to bring potential buyers into your home to see it for themselves, and we can do that by listing it at an inviting price point.
Although price reductions are an option, they can be a red flag to potential buyers. A price drop can cause buyers to speculate the reason behind the reduction and any potential problems with the property. Overpricing can also lead to longer than average days on market, which can also lead buyers to question any underlying issues.
Expert Guidance Every Step of the Way
Pricing your home is one of the most important decisions you will have to make, and we’re committed to assisting you. We will work together to establish a fair market value that aligns with your timeline and ensures your confidence as well. We aim to generate the most amount of exposure for your property from the moment it hits the market, and setting the price right helps with that.
If you are considering selling your home in the Texas Hill Country and have questions regarding your home’s current market value or the preparatory steps to sell, we’re here to serve you. As Boerne residents, our local expertise is here to guide you each step of the way. Our goal is to maximize your profit by strategically marketing your property so that we can meet your selling goals within your desired timeline as well. Contact us today for a complimentary home equity report and consultation. We are ready to empower you with the knowledge you need to move forward in confidence when the time is right.
