Price Above Market Value

Say we push the envelope on price and list your home above market value, what will happen? The pros are that you may just find that perfect buyer and set a new value for your home and the neighborhood. However, this is not a likely scenario. What is more likely is a situation that would fall under the "cons" category of pricing your home above market value. Often, this strategy will have you headed towards too much time on the market and/or an expired listing. To sell your home, you need to attract the attention of not only buyers, but the agents who represent those buyers. Oftentimes when a home is overpriced, agents will not even mention it to their clients. They will know that it is overpriced and not waste their or their client's time showing it. In today's market, where everyone begins their home search online and sets price filter preferences, there is a chance that your overpriced home will be missed by realistic buyers. My job is to be open and honest and keep the end goal in mind - selling your home for the best price in the quickest manner. If you were a buyer and came across a home that was overpriced, naturally you would think to yourself, "why?" And then you would wonder if it was worth your or your agent's time to find out the answer to that question. Do not make it more difficult for buyers to find your home. Let us say you do find a buyer for your home that is priced above market value. For them to obtain a mortgage, the home will need an appraisal and appraisers often look at the comparable homes in the neighborhood to determine value. If the appraiser does not feel the home is worth what the buyer has offered, this can cause financial problems for the buyer and the sale will most likely fall through. 

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