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Why Overpricing Your Ocean Edge Condo is Never a Good Idea

Why overpricing your Ocean Edge condo is never a good idea

After some careful consideration, you have decided to list your Ocean Edge condo for sale. You have made some renovations to your condo, it is in great condition. When you look at the commission percentage your real estate agent would take from your home sale price, along with the commission of the buyer’s agent, you decide it would be a smart option to price your home above the fair market value. There is a difference between listing your home above market value and overpricing your Ocean Edge condo. If you have done some improvements to your home that makes it stand out among the other comparable units, you should price it higher than the others. Find out how you could sell your condo by pricing it above market value by checking out our blog “5 Tips to Sell Your Ocean Edge Condo Above Market Price.”

In regards to overpricing your Ocean Edge condo, you may wonder what could possibly go wrong by asking for more money? In real estate there is always some negotiating on either end and you  may end up with more of a profit if you price your home a little higher. Why don’t more people do this? While it seems like a no brainer, overpricing your Ocean Edge Condo is never a good idea. If you want to sell your home quickly and for a reasonable profit, do not list your home for much more than it is worth in the local real estate market. An overpriced home sits on the market longer than a reasonably priced home, which ends up costing the seller in the end. A home that sits on the market for 2 months, which could easily happen to a home that is overpriced, typically sells for 5% less than its asking selling price. Still not convinced? Here are the reasons why overpricing your Ocean Edge condo is never a good idea if you want to sell your home.

Why not to overprice your Ocean Edge condo

Your Agent Knows Best

Anyone could research the prices of condos that have gone up for sale and sold in their area to get an idea of what their unit could sell for. When you consider your renovations and key features of the property, you may feel that you have a good grasp on how much you could list your home for before even meeting with an agent. However, ultimately your real estate agent knows best. They are the professionals in this field and they bring with them not only knowledge of the market, but experience selling properties that can help sell your home. It is easy to overprice your own home as the home owner, because there is some emotional attachment and involvement there. A real estate agent is an unbiased professional that has seen the other Ocean Edge units and knows what is of value to a buyer and what is not all that interesting. When looking for a listing agent, it is important that you know what to look for in a listing agent. Check out our blog, “Selling Your Ocean Edge Condo? Qualities to Look for in a Listing Agent.”

You may feel that the tile choices in the bathroom or kitchen counter top increase the value substantially, but if it’s not the latest and greatest option that buyers are looking for now, the real estate agent will know this and perhaps price your home a little lower than you had expected. When choosing your real estate agent, make sure you go with an agent that is an expert in your area. Ocean Edge is a unique market that requires a real estate agent that is familiar with who buys the condo units and how to market effectively to those buyers. Michael Leighton has been the #1 Agent at Ocean Edge since 2004, so he is an expert on listing properties in Ocean Edge and how to sell them quickly without overpricing your Ocean Edge condo. Get a free no obligation Ocean Edge Condo Valuation of your property to make sure that you are not overpricing your Ocean Edge condo.

Your Ocean Edge Real Estate Agent knows best

First Impressions Last

When a home first hits the market, a lot of excitement is generated about the property. This is the time when there is the most interest in the home. Typically, buyers look at homes within 5% of their budgets. If they are looking at properties at Ocean Edge, they are waiting for the right property to pop onto the market for them to snag. When a condo comes on the market at an unreasonable price, it will turn buyers off right away. If the home is priced just above their expected price or the fair market price, they may entertain the idea of negotiating their budget. However, a condo that is overpriced will not get any attention from buyers. This is why overpricing your Ocean Edge condo is never a good idea. By the time you drop your price (because it has been sitting on the market for so long), your condo will be old news for buyers. They will think there is something wrong with the property or only solicit low ball offers because buyers will assume you are desperate at that point. It is vital in the success of your listing that you price your condo accordingly when you first list your property in order to spark interest in your condo and sell it at a reasonable price.

Overpricing Your Ocean Edge Condo: Never a Good Idea

When listing your Ocean Edge condo on the real estate market, it is important that you get the opinion of a seasoned professional when pricing your home. A well priced home will move in any market if you have the right real estate agent at your side. Pricing your home well instead of overpricing your Ocean Edge condo could potentially lead to a bidding war, increasing your selling price without scaring off buyers. There are also measures you could take to increase the value of your home that could increase your asking price just above market value without intimidating buyers. In the end, it is important that you seek the assistance of a professional real estate agent when making decisions based on pricing your Ocean Edge condo.