Overpricing your Ormond Beach Home won't Help it Sell

In this market of falling prices and high inventory, it is a common mistake for sellers to price their property over the competition to try and get a little more. Especially if you are not a "short sale" seller, in other words don't have to sell, you think you should price your Ormond Beach home above those distressed properties.

Wrong.

Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market research. There is a smaller pool of highly motivated buyers, and today's Ormond Beach buyers tend to be well educated about the market. Without the assumption of price appreciation, few buyers are willing to gamble and overpay for a home. In addition, credit tightening has reduced both the number of buyers who can qualify for a mortgage as well as the size of the mortgages available.

Here are just a few of the reasons you should never expect to get more than the market (or overprice your home):

1. Fewer buyers looking. There are many ways online now for buyers to find values in your neighborhood. They won't waste their time looking at a home obviously priced above sales.
2. You will help your competition. Your higher price will drive buyers to the homes in your community which are priced aggressively.
3. You risk stagnation. The effects of #1 and #2 will be to leave your property "sitting on the sidelines." You will have a longer market time, and realtors won't watch your home for a price reduction - they will show their buyers the new listings that are priced right.
4. You brand yourself as an unrealistic seller. This means tougher negotiation. With so many houses on the market, buyers won't work any harder than they have to for a home, or their agent spend any more time than needed.
5. Appraisals - if your price is above the market, it won't appraise for the buyer's mortgage. Who will make up the difference - you?

First, you need to contact a Realtor knowledgeable about sales prices in your community of Ormond Beach (me). Together, we'll create a pricing plan. When pricing your home, the best strategy is to remain objective and compare your home closely to similar properties on the market. Take the opportunity to visit open houses and pay attention to recent sales in your area.

Together we'll review recent Ormond Beach sales and discuss market trends. Then we will decide on a marketing plan to get you the best price you can in today's market. Call or email to discuss your Ormond Beach real estate options.

Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
yourkeytothebeach@gmail.com
www.daytonabeachscene.com