Why You Shouldn't Overvalue Your House When Selling

Why You Shouldn’t Overvalue Your House When Selling

As a home seller it is only natural that you want the most for your house that you can possibly get, but hoping that a buyer will overpay for your home isn’t a strategy, its a wish. The fact that you probably have deep emotional attachment to your house is another factor that often leads you to insist on a higher price. The exercise of placing an inflated price on your household is self defeating.

260-house-see-sawIf your house is overpriced when people first see it, the chances that they look back on it are very slim, first impressions matter. According to research of a property company, a house listed for sale gets about 3.5 times more web traffic in the first 7 days than it does one month later. Therefore your home’s initial launch is its best chance to shine. A property that is overpriced is more likely to be ignored. In this current market, you shouldn’t expect a rush of lower offers either, people probably wont assume that you’re willing to negotiate.

By the time you decide to lower the price of your house, it will have the spoil of being stuck on the market. A home fresh on the market at R1.5 million looks different than one reduced from R1.8 million to R1.5 million. Even if objectively you can see its a good home, most buyers will wonder if theres something wrong with it. Most buyers will look at your home on the first day it comes to market – so make that impression count by pricing right.


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