5 Ways St. Louis Home Sellers Overprice Their Homes
When it comes time for St. Louis home sellers to price their home, it’s sometimes hard to tell exactly how much the home is really worth. The comps say one thing, but your heart says another. You want to get the best value for your home, so where do you stand?
Overpricing a home is one of the most common mistakes St. Louis home sellers make. Selling a house isn’t about heart. It’s about business.
Here are five ways St. Louis home sellers overprice their homes.
You Think Your Decor and Style is Perfect
You may love your red accent wall and think it adds value and uniqueness to your home, but you’d be wrong. St. Louis buyers aren’t paying for your decor choices. They want to imagine themselves in your home and imagine their style in its place.
Before you show your St. Louis home, take down your decor and paint your walls to a more neutral color. It may look boring, but your new buyers will be grateful. They’ll want to give your home their own personal touch.
You’re Not Listening to the Comps
Comparable market analysis or comps is the best way to gauge how much your home is worth in the St. Louis area. By looking at similar St. Louis homes that have sold, you can get an idea about where your price should fall.
Some St. Louis home sellers look for any reason to price their homes slightly higher than the ones around them. Their decks might be slightly bigger or maybe they have a larger master bedroom. These little details don’t mean that much the buyers. If your home is priced far above a similar home, buyers will want to know why. If they can’t find a reason, they’ll move on.
You’re Thinking about Your ROI
Sure, everyone wants to make a profit on their investment, but for selling St. Louis homes, it’s better to break even or slightly ahead. The chances or really making a profit are low, so don’t worry about it. Concentrate on getting a fair price and paying off your mortgage with it.
You’re Emotionally Attached because You Built it
A lot of St. Louis home sellers get emotional about building houses themselves. They think of the sweat and the long days they spent staining their new decks or laying out the backsplash in the kitchen. Because they did the work themselves, some St. Louis home sellers think that means the house is worth more.
It isn’t. Your personal investments in the house don’t mean that much to buyers, and they’re not going to pay you for your work.
You Think You’ll Negotiate
Most St. Louis home sellers want to negotiate, so they overprice thinking someone will negotiate with them. You offer a high price, then the buyer lowballs you. Eventually you come to the price you really wanted, and the seller thinks the deal worked out in his or her favor. That isn’t always the case.
Buyers have a lot of options. They might not bite or try to negotiate. They might just think your home is poorly priced.
No matter what, the best option is to price your home fairly. Don’t try to play games. Put in a good price and let the people see how great your home is.