Why You Should Avoid Overpricing Your Home in Alaska
If you're planning to sell your home in Anchorage, Fairbanks, North Pole, Palmer, Wasilla or the surrounding communities this year, one of your first steps will be researching your home value and agreeing on a listing price. But that doesn't mean anything goes in today's real estate market! In fact, overpricing your home—while you may think you're leaving yourself room for bargaining—can do more damage than you think.
You won't make a great first impression
Within the first few weeks after homes in Alaska is listed, the real estate market will respond. Afterall, many buyers have search parameters set up to be notified when new homes become available! You will want to make a great impression from the start, including pricing the property correctly. If not, you could risk your home losing momentum within the market as other more accurately priced properties are listed.
You risk the market changing
Remember, the real estate market has ebbs and flows, just like any other market. Overpricing your home now could mean the property gets lost in the mix as new homes hit the market for fall and mortgage rates begin to rise. It is always wise to allow your home to present its best possible price and condition, no matter the time of year.
You may need to reduce the price
Reducing the price of your Alaskan home is always a possibility to spark more interest, but after you've dropped the price several times, buyers begin to wonder what is wrong with the property. What's more, they may offer you an even lower amount as the reductions create the idea that the seller is highly motivated.
Your home may not show well
As time goes on with an overpriced home in Alaska, the property may not show as well as it did when it was first listed. Sellers can grow comfortable with showing the home in any state and thus, buyers may be turned off by both the condition and price.
Questions about your home value or selling your home in Anchorage, Fairbanks, North Pole, Palmer, Wasilla or the surrounding communities? Give Madden Real Estate a call today!
We look forward to hearing from you!