Why You Shouldn’t Overprice your Portland Home
When a home enters the market, it should be priced fairly for that market. If the home is in a hot Portland neighborhood and you expect multiple offers, you still don’t want to overprice the home. Let the market push the price up through competitive bidding.
I know, I know, it’s tempting. You feel like your home should get the highest price in the neighborhood. It can feel like you should try for that high price and that it won’t hurt the sale if you try high at first, but there is harm in trying.
The fact is, homes on the Portland real estate market that start out overpriced usually end up selling for less than they’re worth. Here’s why:
- Time is of the essence. An overpriced home will be slow to gather offers, and the longer a home is on the market, in Portland or anywhere, the less it will sell for in the long run. Your agent will have to lower the price sooner or later, but even when it’s priced right, buyers will look at the number of days your home has been on the market and assume there’s something wrong with it.
- You’ll blow the first offer. Statistics show that the first offer received on a home is often the highest. If a potential buyer perceives that your home is overpriced, they will definitely lowball the offer! On the other hand, if your home is priced fairly for the market, the buyer will take you and your agent seriously and offer something closer to or above the asking price.
- If your current listing contract expired, look for a real estate agent with a proven track record of working hard for their clients, preferably with reviews and testimonials to back them up.
It’s a competitive market out there for selling a home in Portland, and the way you go into it will determine much about how you come out. Fortunately, there are plenty of real estate agents out there, and lots of buyers too. Your home will sell quickly and for its market value, as long as it’s priced right!
