When you put up a house for sale, your main objective is to obtain the highest profitability. But this doesn’t mean that you can place the price that best suits you. That is why; today at majorcarealestate.co.uk we bring you the risks of overpricing your house for sale. Don’t stop reading!
Risks of overpricing your house for sale
Whether it’s an island paradise like Mallorca or anywhere in the world, in any area of the market, there will always be properties with prices well above the value they really deserve and this can bring you many difficulties with the sale.
Up next, find out the risks of overpricing your house for sale!
If your property is overpriced, by knowing how much you are asking for it, the first thing potential buyers will do is run out to compare that price with similar houses nearby.
Not only will you be limiting the amount of offers you receive for the property due to the price, but you will be doing a great favor to your neighbors.
If they have similar houses for sale with a better price, the most logical thing is that the buyers go for the best option for them, which is, your neighbor’s house.
The other houses in the neighborhood will sell much faster than yours and if someone visits your overpriced property, this person won’t think twice to go to other property in the area with similar characteristics, but at a lower price.
Not all buyers bargain the price
If what you wanted was to get away with it and put a much higher price on your property than it really is just for buyers to negotiate the price and still get more money than expected, then you are very wrong.
Not all buyers will negotiate the price of the property and this will make you lose many offers.
One thing is to want to negotiate the price of the property in the market and another one to want to negotiate something very outside of the budget that it should be. It’s a very different matter.
Nobody will want to negotiate any property with an unreal value, so don’t waste your time.
You going to waste your time
Something important you should know is that the first days that a property goes on sale are the most important. It’s the time to draw attention and attract buyers.
The properties that spend a lot of time in the market are losing buyers as time goes by without selling. This is because they tend to think there is something wrong with the property, and in this case it will be the price.
When a house has a price too high… days, weeks and months will surely pass without receiving offers.
Buyers will only see the ad on the internet next to the amount of time it has published and the first thing they’ll think is “what’s wrong with that house?” And prefer not to waste their time finding it out.
Contact your trusted real estate agent in Mallorca and ask him/her to help you put the right price on your property for sale, so you won’t have any troubles to sell it.
Also, don’t miss to know Mallorca and all the wonders it has to offer.