Reston Home Insider: Hidden dangers of overpricing your home in this seller’s market

We’re in a seller’s market. We’ve all heard it from our friends and have seen it on the news.

However, I’ve been on showings with buyer clients recently and noticed some sellers are getting too aggressive with their pricing. We’ve seen marked-up walls, dirty floors/carpet, lots of clutter, even holes in countertops! When buyers are touring these homes, they’re either completely turned off, or they’re mentally deducting money from the list price. 

Some sellers are also investing money in things buyers don’t care about, such as unique details that don’t appeal to most people, intricate flooring or flooring that differs from room to room, glass tile backsplashes in kitchens that make the home look dated, dark paint colors, or shoddy work done by contractors, such as painting over switch plates (that drives me crazy!).

The first days your home is on the market are crucial! If you’re not getting showing requests in the first 24 to 48 hours, your home is likely mispriced. Ideally, we want one showing per day on average the first week we’re on the market. 

In fact, the longer your home is on the market, the less it will eventually sell for. As the “days on market” accumulate, buyers AND agents think something is wrong with it and won’t want to tour.

Some sellers think, “I’ll be aggressive and just lower the price in a couple of weeks.” This is called ‘chasing the market.’ The buyers have already moved on and have no interest in your home. Why? They don’t want to negotiate with an unrealistic seller or someone they interpret as being difficult. 

The bottom line: Consult with an agent that truly understands this market and has a solid pricing strategy. 

Lynn Cooper is a licensed REALTOR in Virginia with McEnearney Associates in McLean. Whether buying or selling, Lynn is 100% committed to her clients before, during, and after the transaction. Connect with Lynn at 202-489-7894, [email protected] or @lynncooperrealestate.