Redfin Survey Shows More Sellers Plan On Overpricing Their Homes

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Bend Oregon Home For Sale

Thanks to a recent report from Redfin we know that sellers are either feeling overly optimistic or risky because, 40.3 percent of homeowners who plan on selling their homes in the coming months plan on pricing their homes above market value.

Redfin polled close to 1,200 homeowners in 25 cities across the United States and the consensus was the same, homeowners are feeling like now is the right time to price their homes above their current values but is this a good idea?

Buyers Are Less Tolerant This Year

Even though it may seem like a great idea for a seller to price their home above its current market value the reality is that buyers are less tolerant when it comes to dealing with over priced homes this year compared to years past and overpriced homes run the risk of sitting on the market for longer than the homeowner anticipated.

What Happens With A Price Drop?

One of the consequences that a homeowner may face when they overprice their home is that they may have to drop it’s price if the home has sat on the market for a long period of time and with a price drop buyers will begin to wonder what may be wrong with the home.

Besides wondering what’s wrong with a home when it’s price drops some buyers may negotiate more aggressively while other buyers may lose interest in the home and walk away from it.

Why Pricing A Home Correctly Is Important

Pricing a home correctly is vital if the homeowner wants their home to sell in a timely manner.

According to another recent Redfin survey over 50 percent of homeowners across the United States, who plan on selling their homes, will price their houses right in the middle based on comparable sales in the area that their Realtor’s provide and this is a good thing because, they will be able to sell their homes quicker than those homeowners who plan on pricing their homes above market value.

Last of all, but most important, the Redfin survey also showed that home buyers are more optimistic right now about buying a home than ever before because 40 percent of buyers surveyed said that they felt optimistic and confident that buying a home was a secure investment.

For all of your Real Estate needs contact me today by calling (541) 383-1426.

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