The Danger of Overpricing Your Home

The Danger of Overpricing Your Home

When it comes to selling a home, there are two types of helpful neighbors.

The first kind is the dream neighbor. Their yard is beautifully kept, they put their trash cans away promptly, and their cars stay parked in the garage rather than the street. They have friendly, quiet pets, and they love to spread the word about what a great neighborhood they live in. They’re enthusiastic, welcoming, and make the best case for why someone should want to move into the area.

The second kind of neighbor is also wonderful. They take pride in their home and yard, and they’re going to miss the neighborhood when they leave. Their home is beautifully maintained, with a welcoming flowerbed and pristine sidewalks. But there's one issue: their home is priced way too high for the neighborhood.

If I were selling my house, I’d want both of these neighbors around. But if I had to pick just one, I’d choose the overpriced neighbor.

Here’s why: no matter how gorgeous the home or friendly the owners, an overpriced listing usually highlights the value of surrounding homes by comparison.

Buyers today do their research, and if your home’s price stands out as much higher than others nearby, you’re likely at a disadvantage.

Have questions about pricing and selling your home? Call us today at 504-327-5303.