Over pricing your home in Southern Litchfield County, CT will not be costing you just a drop in the bucket!
What is the real cost to you if you overprice your home in Southern Litchfield County? It can be significant, including time, frustration and aggravation, lost opportunities to move as well as money lost. You may think because you are reading reports of the price of homes rising that overpricing your home won’t affect you. Remember, those reports are national, they take ALL averages across the country and use them. They are NOT hyper local.
And real estate is extremely hyper local.
For instance, here in New Milford as in the rest of Southern Litchfield County, we have seen a very small appreciation, 1% over the past year. That is not a lot, and honestly, it doesn’t pertain to every home. It is an average. Connecticut is not doing as well as some other places. You can read about it here: Real Estate in New Milford, CT, When Bad News is Good News. (The good news is for buyers, the bad news is for those that need or want to sell.)
Here is an example of what over pricing your home in Southern Litchfield County can do.
A year ago we went on a listing appointment. We gave a price we felt very strong about, we had documentation of recent sales to back up our price. The owners were not happy with the price at all, but they needed to sell as they had already purchased a new home! Ultimately they listed with someone else who promised them a higher price. Remember, that was over a year ago, while they continued to pay two mortgages. One on the over priced home they were attempting to sell, the other on their new home.
Their home recently closed, the sale price was 87.6% of the original list price. They wasted a year chasing the hopes of selling at an unrealistic price, wasted money on two mortgages, on property taxes for both properties, on maintaining both properties, on utilities, wasted energy, wasted emotions. The home finally closed at $5,000 under our suggested list price of a year ago!
So you see, there is a cost to over pricing your home for sale in Southern Litchfield County. And it is not just a drop in the bucket.
Buyers are savvy, they know the market. They will not be overpaying for your house. Lenders are also very cautious, there will be no money lent for a house that does not appraise.
Perhaps you think you should build in “negotiating room” on your house for sale in Southern Litchfield County, CT?
After all, you have heard that buyers will be presenting low ball offers anyway. Here is how I see a low ball offer. Buyers know how long your house has been on the market. They believe they can smell a desperate buyer a mile away. Yes, the longer it sits on the market, the more chance you have of getting in a low ball offer. And many times the buyer making that low ball offer cannot pay anywhere near what your house is worth! But if you have chosen to over price your home, it may not even be on a buyers radar, they may not even come to see it!
If buyers aren’t looking at your home, they aren’t making offers on your home. Not even low ball offers!
Check out our intensive, fresh and unique marketing and sales program for your Southern Litchfield County*, CT home. You will be glad you did. Or give us a call at 860.946.0686 to set up a free market analysis of your home.