While Edinburgh is a high-end gated community in greater Atlanta where residents enjoy Bear’s Best Atlanta golfing, even those who are financially secure don’t want to pay too much for a home. As experienced Edinburgh real estate professionals, we know one thing for certain – the worst mistake you can make is pricing your home way out of the ball park!
In most cases, a home that is overpriced regardless of its beauty, architecture, or exposure will not sell. Why do homeowners make the mistake of pricing their homes too high?
Some believe it leaves room for negotiation. You may think that no matter what price you put on your Edinburgh home, buyers will come back with a lower offer – so why not push up the price so that the low-ball offer will come in at what you really wanted? This tactic often backfires. The truth is, a home that’s overpriced will often be overlooked by buyers for that very reason. Set the price fairly from the start, and the offers you receive will likely be close to what you’re asking.
Homeowners often fail to work with a real estate agent who can complete a comparative market analysis to help set a fair price. A CMA is a process in which your agent considers several factors including the home’s features, the condition of the home, how it compares with other homes listed on the market, and more, in order to help you determine a fair price. This isn’t a task you want to take on yourself!
You’re not in a rush to sell, so why not price it high? First of all, you may run into problems with the contract closing due to the fact that a bank appraiser likely won’t approve a value that’s too high, which means the buyer’s request for a loan won’t go through. Second, buyers take a great interest in new homes that come on the market each day, and when yours has been listed for months or they’ve already looked at it and determined the price was too high, they won’t take a second look. In other buyers’ minds, there must be something wrong – otherwise your home wouldn’t have been on the market for so long. Not a good idea at all.
By now you should be convinced that pricing your home too high isn’t a good idea, even when it is a high-end luxury home. Fair is fair, whether for a mansion or a small home.
At Christie & Co. our greater Atlanta real estate professionals work hard to help homeowners sell their homes quickly, and for a good price. Let us help you with the sale of your Edinburgh – Bear’s Best home today!