Sold Vs. Stale | What Really Happens When Sellers Insist On Overpricing Their Home
Posted on: 16 December 2018
One of the key reasons you need an agent to help you sell your home is for their expertise. A realtor sells homes day in and day out, sometimes over 100 a year, year in and year out. You cannot compete with all that experience. There are some sellers, however, that insist on going against their agent's seasoned advice, particularly in the area of price. There are many reasons why ignoring that advice and overpricing a home can backfire. If your goal is to sell your house fast for cash, overpricing is not going to help.
It Doesn't Pull Up in MLS Searches.
Buyers look for homes in 25k increments. If the buyer is approved for a mortgage of 218k, their agent might search the MLS up to 225k for them. If your home is priced at 234k, they will never even see your home in their search.
Buyer's Agents Won't Show Their Client Something Overpriced.
A buyer's agent sole job is to guide their clients and look out for their best interests. Most buyer's agents will not even bother showing their clients an overpriced house because it is against their best interests.
The Longer It Stays on Market, The More It Looks Like Something is Wrong.
Houses that are overpriced take longer to sell. While that makes for a slow and frustrating experience for the seller, it also has a more ominous result. Buyers start to think that something is wrong with your house. They assume that the reason it is just sitting there, unsold, is that there are major issues with it.
Other Agents Will Assume You Are a Headache to Deal With.
Like buyers, agents will assume something is wrong. They will, however, assume that it is you. They will assume that you are difficult to work with and stubborn. They may even be hesitant to bring an offer due to that perspective of you.
You Will Get a Lowball Offer Just to "See What Happens."
The lowballers are out there—people who look at real estate like a going-out-of-business sale. They will see your home lingering on the MLS for months and throw a lowball offer out there just to see what happens. It can be crushing when you are stressed about selling to get an offer that can only be described as insulting.
The moral of the story is: listen to your agent. You hired them for their expertise so use it. If you just can't see eye to eye, try it your way for just two weeks. If the showings are few and far between, lower your price, especially if you want to sell your house for cash quickly.
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