Overpricing Your Home: 3 Consequences You Might Not Expect

When it comes to selling your home, you obviously want to get the best price possible. But what happens if you get too greedy and price your home too high? Surely there's no harm in starting high and coming down, right? Wrong. There are a few consequences of overpricing your home that you might not expect. Here are three of them.

1. Your home will sit on the market longer. 

The longer your home sits on the market, the more likely it is to become stale. Buyers will start to wonder what's wrong with it and why it hasn't sold yet. This can lead them to lowball you when they do make an offer, which brings us to the next consequence...

2. You'll probably end up selling for less than you would have if you'd priced it correctly from the start. 

If buyers think your home has been on the market for too long, they'll assume there must be something wrong with it—even if there isn't. They'll also know that you're probably getting desperate at this point and will lowball their offer accordingly. In some cases, you might even end up selling for less than your original asking price if you've had to drop it significantly to attract buyers.

3. You could end up chasing away serious buyers. 

If serious buyers see that your home has been on the market for months without any offers, they'll assume that there must be something wrong with it—again, even if there isn't. They might also think that you're not really serious about selling or that you're unrealistic about your asking price. Either way, you could end up scaring away potential buyers who might have otherwise been interested in your home.

Pricing your home too high can lead to a number of unexpected consequences, including a longer time on the market, a lower final sales price, and even scaring away potential buyers. If you want to avoid these pitfalls, make sure to price your home correctly from the start.