3 Reasons An Overpriced Home Sells For Less

3 Reasons An Overpriced Home Sells For Less 

By Emilio DiSpirito - Realtor/Team Leader/Top Listing Agent in Rhode Island/Real Estate Radio Show Host of The Round Table Real Estate Simplified sponsored by Real Estate Radio Network
www.EmilioDiSpirito.com

When selling anything, we want the largest return!! Heck, it took blood, sweat and tears to earn what we own and anyone with a brain would want a return on investment!! Home owners when moving locally or relocating states away and selling a home want the highest price possible for their property!! As would I!! Many sellers are under the assumption that pricing their home high will leave "wiggle room" to negotiate. Lets uncover exactly why this is a mistake right off the rip and what to do to get the highest returns! Here are the 3 reasons an overpriced home sells for less!

Stay In Touch with The RI Real Estate Market with The Round Table Real Estate Simplified every Sunday at 10 am on iHeartradio & Newsradio 920!

1. Overpriced real estate sits on the market longer. Today, we are in a sellers market and homes are normally listed and sold within about 95 days on market. This time frame takes time pending into consideration. So 95 days on market may mean that it went pending in the first 50 days! It takes anywhere from 10 to 60 days to close a property depending on many circumstances. When a home sits over that 90 day mark, buyers can't help but to question "what is wrong with that property?" Some buyers and agents take this as an opportunity to place lower offers. According to the National Association of Realtors, homes that were on market for 2 weeks or less received 100% or more of asking price while homes that were on the market for 17 weeks or more received ONLY 93% of the sales price as compared to the list price. 
2. Buyers tend to focus on the negatives of the home instead of the positive selling points. They start to pick apart the rugs, the counter tops and chipping paint on a door jam. The list goes on.
3. Buyers are not seeing it in their home search! Statistics show when a home is overpriced by 10% only 2% of buyers will actually see it. When a home is priced 5% over fair market value only 30% of buyers will find it and when at fair market value 60% of potential buyers will see it. So even when you are "priced right" you are missing 40% of the crowd! 
1. Lets Break this down more
1. The Homes Fair Market Value is $250,000 (60% of buyers will see it!) 
1. 10% overpriced is $275,000 (2% of buyers will see it!)
2. 5% overpriced is $262,500 (30% of buyers will see it!)

Pricing your home appropriately is vital to your success and profitability. You should consult a Realtor who has extensive listing experience and who is full time to evaluate your Rhode Island homes fair market value. 

To speak with a top listing agent in Rhode Island that covers your area please visit www.MyDreamHomeNow.com/sell and fill out a brief questionnaire. A top selling Rhode Island Realtor will be in contact with you promptly. 

The DiSpirito Team is a 5 Star Real Estate Team

Need Mortgage Advice? Contact Daniel Giroux owner of A Plus Mortgage 401-603-3646

Need Real Estate Title or Closing Advice? Contact Theresa Santoro, ESQ. with Germani Title & Closings at 401-739-9700

As Featured on RIBLOGGER.com

As Featured on iHeartradio

Disclaimer: The real estate market, days on market and statistics are always due to change. Information here is approximate and will always change. Please consult your real estate professional or contact Emilio DiSpirito today emiliodiv@gmail.com or 401-359-2338 for the latest updates.