1. EFFECTS OF OVERPRICING

2. There are times when home owners who want to sell
their house tend to overprice. It is either they are need
of a lot of money or they think that their house is
worth a lot because they do not know the real estate
market nowadays. It is often the latter. But,
overpricing the house comes with a lot of dangers. It
is good when there are buyers who are willing to pay
the price but most of the time, there are none.

3. If your house is overpriced, you attract the attention of
devious real estate agents. These real estate agents
will only tell you what you want to hear instead of
saying that the value of your house is overpriced.
This is because they get the advantage if they get you
for their listings. They will have their sign on your
yard for a long time. Plus, they will be able to collect
buyers that would most likely not purchase your
overpriced home. Instead, they will purchase other
homes. Then, after a few months, they will tell you
that it is overpriced that is why no one is interested in
buying.

4. Overpriced homes tend to scare off buyers. It doesn’t
even have to be overpriced. Expensive houses don’t
interest buyers as long as they deem it as not worth the
price even if it is. Most of the time, buyers are also on
a tight budget when purchasing a house which is also
why overpriced houses take too much time to sell. If it
takes too much time to sell, the property becomes at
risk. It is in risk to be removed from listings. It is also
in risk of its market going down.

5. There are also chances that your home won’t show in
search engine results. This is because the price of
your home isn’t in the range of comparable sales
data. And, if you do find a buyer for your home, it
will raise another issue – home price appraisal. If
the appraiser gives a lower price for your home,
the buyer won’t be able to buy because the bank
would not approve.

6. The only solution for you not to face these problems is
to, of course, not overprice your house. It is better
to ask a real estate agent, who is knowledgeable
about the real estate market, about the right price for
your house. You could follow up with his
suggestion or maybe raise the price a little higher if
you really feel that it is the right decision. This way,
you are sure that your house will be bought in no
time.
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7. Thank you for reading and have a
good day!