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Why Overpricing Your Property May Leave You Out Of Pocket!
As a seller it is tempting to accept the highest estate agent’s valuation you receive. However, there are three sound reasons why you should avoid initially overpricing your home, as overpriced property often ends up selling for less than it otherwise might have achieved.
Firstly, buyers buy by comparison. Why should they buy your house if it is more expensive than a similar alternative? This simply does not make sense and your property is unlikely to sell until such time as any competing homes have sold. By that time your house may have suffered overexposure and be “going stale” on the market.
Chris McMenemy, Sales Director,
Secondly, buyer activity is highest when the property is new on the market. If your price prevents buyers from seeing the house, you will have missed this opportunity, and may have to wait some time before a suitable buyer is found. Competition between buyers drives up your price, whereas time on the market drives it down.
Blu Property Group
Thirdly, a clear response to sellers who say “but we can take an offer!” The problem with this is that fewer potential buyers see an overpriced house and therefore the chance of an offer being received is signifi cantly reduced. The wrong price also attracts the wrong buyers; they will have high expectations and are therefore are unlikely to offer in any event. People tend to purchase a property at the top of their price range, so your likely buyer pool is people looking in a lower price range than your property, not a higher one. So don’t scare away the right buyers.
Intense buyer activity in the early days of marketing is the key to achieving the highest price for your property, and our job is to help you stimulate such activity.
So be realistic, be competitive, quote the right price and stick to it, and you should readily secure the highest price the market will pay for your home. Accurate pricing combined with a professional and optimistic approach, are some of the key factors to being able to help so many people fulfi ll their home moving dreams, to budget and on time!
For further information on any matters relating to selling your property, please visit our offi ces situated on Avenida de Libertad, Local 31-32, Javea, telephone 966 940 094 or visit our website
www.blupropertygroup.com.
FF Focus on Property Services
The team at Blu Property Group
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