3 ways to recover from having overpriced your house

Mike took a new job in a different province and needed to sell his home.

It was a beautiful three bedroom house with face brick finish, a modern kitchen and double garage, located in a safe neighbourhood. His neighbours all around were lovely folk.

By all accounts, an excellent purchase.

But Mike got greedy. He wanted to make an easy extra buck or two.

Despite a warning from his real estate agent, Mike went in ten percent above the valuation. The difference, in his mind, was negligible.

His action was followed by a choir of crickets screeching a funeral chant.

He didn’t receive a single call and the exercise set back his family’s move. For months his listing—splendid photos and description and all—sat lonelier than a cadaver in Greenland.

Mike’s stagnant listing looked like the only thing his home was good for was to attract mosquitoes and flies, because something must be wrong if a home doesn’t sell, right?

Overpricing your home can tank your home-selling initiative.

Buyers aren’t stupid. Market prices are a google away. The only goal you achieve with an exorbitant price tag is the irritation of property shoppers.

But it’s not the end…

If you find yourself in Mike’s company, here’s how to recover.

Start fresh

Remove your listing from wherever you posted it.

Then snazzy up your home a little bit, take new pictures (if needs be, hire a professional photographer) and relist.

You don’t have to kill your credit card to add a little pizzazz. A dash of paint in the right place might be all it takes. Or mow the lawn and trim the edges in your garden. Perhaps clean out clutter to make your home look more spacious.

Your listing will look brand new. Most buyers won’t make the connection between your current listing and the dead listing it used to be, even though it’s the same home.

Don’t do it again

“Wow, the home looks so good with the new paint, clean garden and spotless interior, I think I might be able to get my asking price.”

That’s a trap.

Don’t think that sprucing up your home allows you to stick a fatter price tag on it.

If in doubt, get another valuation or two before you relist.

Be open and honest

If you think playing open cards was a good idea with buyers the first time you had your property listed, you have no idea how important it is when you’re recovering from overpricing.

Pull all the stops in setting possible buyers at ease.

Show them the flaws and cracks and you’ll be rewarded with a sale.

If you need help drawing up a defect list, get your agent involved. An honest agent will assist you in being clear and unambiguous where necessary.

Take it a step further by getting a professional home inspection report. That’s sure to make you look good and drive confidence.

In conclusion

Although overpricing your property can set you back, it doesn’t need to kill your selling dreams.

Start fresh, don’t be greedy and play open cards, and soon your property will sell.

Source: http://www.iolproperty.co.za/roller/news/entry/how_to_bounce_back_after

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