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Why Listing Price Matters When Selling Your NJ Home

On Behalf of Veitengruber Law | Jul 30,2021

There is no doubt that we are in a solid seller's market. Homes are selling quickly and most offers are coming in above asking price. This has led to an increase in home prices across New Jersey. If you have been considering selling your NJ home, you could make out really well in this market. Sellers should, however, be wary of pricing their homes too high. While it might be tempting to take advantage of high home prices and list your home at the higher end of market value, you need to make sure you aren't limiting yourself too much with a high sales price. Here are some big reasons you should avoid overpricing your home.

1.    You Could Deter Buyers

When looking for a home, many buyers set a price limit. Most online real estate websites allow buyers to set their purchase limit and remove all results above that limit. Similarly, real estate agents in your area may see a high price tag and steer their clients towards other properties in their price range. Just because you are listing your home for a high price doesn't automatically mean buyers will bite. Otherwise interested buyers may assume the price is too far outside of their range and move on without making an offer.

2.    Your Property Could Sit on the Market Longer

No seller wants to watch their property languish on the market for months at a time. The longer you own a property, the more money you are spending on mortgage payments, maintenance, utilities, taxes, insurance, and other incidentals. As a seller, you want to get rid of the property quickly. On average, homes are selling within 20 days in New Jersey. If your home is sitting on the market longer than that—especially if there are no offers—chances are you have priced the house too high. A high price tag won't always justify the money you spend as your home sits on the market.

3.    You Could Have a Price Drop

If your property is sitting on the market long enough without any serious offers, you could end up having to reduce the price of your home to fit into more buyer's price range. A price drop can often send the wrong message to buyers. They might think there are issues with the home. Especially if you find yourself dropping the price on a home over and over again, it could set off alarm bells for potential buyers that the quality of your home is lacking. It could also indicate to the buyers that you are not confident in the price of your home and could be easily bulldozed into going much lower. The best way to avoid this is to list your home for a fair price to begin with.

The bottom line: listen to your real estate agent. They will be able to help you set a price that is fair based on the value of your home. They will be able to determine what similar homes are selling for in the area and come up with a realistic price based on the actual market value. Taking the advice of your real estate agent can save you a lot of time and back and forth with potential buyers.


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