The answer is a very simple YES! Overpricing your house will not only cause it stay on the market much longer than your competitors but you could lose the ability to sell it at all after it has been on the market for month after month. I love the impact of this graphic and it really sums it up. The longer your home sits on the market the less a buyer is going to expect to pay for it because days on market equates to lost value.
When you list your house for above market value you lose opportunity. So the buyer that is out with their agent looking in your neighborhood will pass over your house and buy the one across the street. I know that you may have upgraded your kitchen and that one across the street hasn’t but you can’t price above market value without a really good argument where the value is apparent for both the potential buyers and the appraiser. Here is the thing you ask whatever you want for your house but once you get an offer and come to an agreement on the terms the bank is going to send out an appraiser who will look at all the homes in the area that have sold and tell the buyer what the bank is willing to lend based on that data.
So bottom line is make sure you understand the market in your area when decided on the list price and put away your emotional ties to the house because at the point you decide to sell your house it is just an asset and no longer “your” house. The quicker is sells the more you will net off that sale…bottom line. Don’t lose the momentum you have with a new listing by overpricing if you truly want to sell your home. Call/email/text me if you want to learn more about what your house can sell for 256-513-7299 or visit my site at http://www.sellingrocketcity.com