Problems that You Might Face if You List Your Home for an Unrealistic Price
It seems like something simple, but what you decide to list your home for is often the first thing they see that creates an impression in their mind. For a lot of people, what a home is listed for will determine whether or not they even bother to check it out. For others will look at your home critically to decide if your home is worth the price you want for it. It’s important to price your home correctly in that perfect spot that allows you to get the most money possible, but also ensures that it will sell quickly, too.
For a lot of people, their home is the most important thing that they own. It is where countless memories were made, tears were shed, first steps taken, and laughing fits had. Unfortunately, when deciding what to list your home for, you have to put those emotions aside, and look at it as an investment, and a business transaction. If you ignore logic and what the market is telling you in favor of emotion, you will end up regretting your decision, and you might not even be able to sell your home.
Pricing your home for a price higher than its worth just ensures that it will sit on the market, and might never sell! With this in mind, here are two of the main problems that arise when you do not set your emotions aside, and end up listing your home for more than it is worth.
Money
First off, the longer you own the home you’re trying to sell, the more mortgage payments you are going to have to pay. And depending on your situation, that might not be something that you are really able to do.
There are also concerns with how long your home sits on the market. If you’re home sits on the market for too long, people begin to think one of two things.
- There is something dangerously wrong with your home
- It has been listed for so long that you are desperate to sell, and will take a much lower price for your home
Neither of these ideas is a good thing, and both of these negative ideas are going to end up costing you both money and time.
The Emotional Toll (Stress)
The longer it takes for your home to sell, the more emotionally stressful it will be. This stress only increases if you continue to live in the home while you’re trying to sell it. It is extremely difficult and taxing to keep your home show-ready at all times for potential buyers – especially if you have children or pets. Everything has to be spotless, and look as perfect as possible, in order to impress buyers. Not only that but the longer it takes to sell your home, the more hopeless it may feel for you. Everyone wants to imagine that selling a home is an easy and painless process, however, that is generally only the case when the home is priced at a reasonable and realistic price point.