Overpricing your home for FOMO

A few weeks back, I shared tips and information geared toward sellers as we approach real estate’s busiest season. I thought I’d delve further into “pricing your home”, with the official start of Spring just one month away. With the flurry of market activity these past few months and boost in consumer confidence, it’s easy to become overly ambitious when listing your home by bumping up the asking price for fear of missing out on a significant gain.

Navigating the NYC real estate market can be tricky and even more so at a time like this given the pandemic and recovery cycle. This is why it’s important to have a carefully thought out pricing strategy in place if you want to successfully sell and in a timely manner.

We’re still in a buyer’s market with prices at 15%-25% below where they were in 2015. I remind clients looking to sell of this, as they continue seeing repeated headlines of record number contract signings as of late. They have an increased level of enthusiasm, and rightfully so, but there are many variables to consider, not to mention the state/condition of your property and the neighborhood.

Homes in mint condition in highly desired neighborhoods have a little more leverage when it comes to pricing their home. Although this doesn’t mean homes in other neighborhoods should be priced low. There’s a science to it and you want to be sure you go to market with a smart asking price right out of the gate. The first weeks are crucial and you don’t want to lose out on missed opportunities because you are overpriced. Even if you choose to lower your price a few weeks in, the property no longer is considered a new listing which can also affect or impede the selling process.

As this Forbes article suggests, don’t make the mistake of overpricing your home out of sheer ambition, if you’re serious about selling.

Let’s talk about what you need to do to properly price and successfully sell your home.
Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
My business is proudly built on referrals. Who do you know that I can help find their perfect home?