Southport Oak Island Realty Group, Inc

Overpricing Your House Can Actually Cost You More!

If you’re trying to sell your house in the Southport or Oak Island North Carolina area, you may be looking at this spring season as the sweet spot – and you’re not wrong. Southport NC and the Oak Island NC area is still in a seller’s market because there are so few homes for sale right now and how many people want to relocate to coastal North Carolina. Of Course historically, this is the time of year when more buyers move to Brunswick County North Carolina, and competition for house purchases ticks up. That makes this an exciting time to put up that for sale sign in the St James Plantation, NC area.

But while conditions are great for sellers like you in the Oak Island NC and Southport NC area’s, you’ll still want to be strategic when it comes time to set your home asking price. That’s because pricing your St James Plantation, Southport, Bolivia or Oak Island North Carolina house too high may actually cost you in the long run.

What is the Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers in North Carolina. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high for the current market in the Southport and Oak Island area, you may actually 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.”

Of course that’s because no homebuyer in North Carolina wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation in Brunswick County North Carolina and today’s higher mortgage rates. And if they think your house is overpriced for the Southport NC market, they may write it off without even stepping foot in the front door, or more times than not, just won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell your beach home in North Carolina. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with your Southport or Oak Island NC house the longer it sits. 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 Real Estate Agent’s Role in Setting the Right Price

Instead, pricing your North Carolina beach home at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros at Southport Oak Island Realty Group. Just because the next door neighbors house sold for a certain price, does not mean that your house will, unfortunately. Only an Real Estate Agent has the expertise needed to research and figure out the current market value for your home, so please take their suggestions into consideration, after all that’s is what you are paying them for!

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly, which in turn save you time and money!

Even though you want to bring in top dollar when you sell your home, setting the asking price too high may deter buyers and slow down the sales process. Sometimes this means missing the best selling season altogether!

Connect with the expert Realtors at Southport Oak Island Realty Group in the Southport NC and Oak Island NC area to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

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Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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