Why Overpricing Your Kansas City Home Can Cost You

Many Kansas City home sellers view this spring season as the sweet spot in the KC housing market—and they're not wrong. Kansas City is still in a seller's market due to the continued low supply of homes for sale. Historically, more buyers move during this time of year, and competition increases, making spring an exciting time to put up that for-sale sign.

Are you looking to list your home soon? While conditions are great for sellers like you, it's essential to be strategic when setting your asking price. Pricing your house too high could cost you in the long run.

The Downside of Overpricing Your House

Your asking price sends a message to potential buyers. When they see your listing, two main factors will make a significant first impression: the price and the photos. If your home is priced too high for the Kansas City area, you may turn people away. As an article from U.S. News Real Estate says:

"Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price."

No homebuyer wants to pay more than necessary, especially in today's housing market. Many homebuyers already feel the pinch on their budget due to ongoing home price appreciation and current KC mortgage rates. If buyers think your house is overpriced, they may write it off without ever stepping in the front door! Even interested buyers may not make an offer if they consider the listing price too high.

Fewer home viewings and a lack of offers means your home will take longer to sell. Ideally, you want to avoid a future price drop to re-ignite interest in your house. Why? Some homebuyers will see the price cut as a red flag, wonder why it was reduced, or believe something is wrong with the house the longer it sits on the market. As an article from Forbes explains:

"It's not only the price of an overpriced home that turns buyers off. There's also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won't necessarily ask anyone what's wrong with the home. They'll just assume that something is indeed wrong, and will skip over the property and view more recent listings."

Your JSH Agent's Role in Setting the Right Price

Pricing your home at or just below current market value from the start is a much better strategy for avoiding these selling delays. How do you find that ideal asking price? Lean on the real estate expertise of the Just Say Home KC team. Our seller's agents understand the KC housing market trends and can help you determine your home's current market value.

These experienced agents will factor in the condition of your house, any upgrades you've made, and how much similar homes are selling for in your area to find that target number. Working with the JSH team will guarantee the right price for your home to bring in more buyers and increase the likelihood of multiple offers. When Kansas City homes are priced correctly, they tend to sell quickly.

Bottom Line

While you want to bring in top dollar when selling your Kansas City home, setting the asking price too high might deter potential homebuyers and delay the sales process. The dedicated real estate experts at Just Say Home KC will work to find the correct price for your home to maximize your profit, while still drawing in eager buyers and competitive offers.

Post a Comment