The most common issue that most Loft sellers confront is determining exactly how much their Loft is worth. If you’re selling your Loft, then you know that many factors contribute to the pricing. While it can be tempting to price your Loft on the high side, it can have potentially devastating consequences. This is what can happen when you list your Loft for too much money.
Your Loft won’t show up in search results
Most loft buyers begin their searches online. In most cases, they’ll conduct a search that includes their price range. When you price your Loft too high compared to others in your neighborhood, your Loft will not show up in the search results. Many buyers who may otherwise have been interested in your Loft will never even see it listed online.
Your Loft will not attract the right buyer
Another danger of overpricing your Loft is that you will attract the wrong buyer. If a potential buyer is looking at homes all in the same price range, they may be disappointed with yours. Your Loft will not have the same amenities as the others on the market for the same price. The potential buyers who do look at your Loft will most often be non-starters. They’re more likely to make an offer on one of the homes with better amenities.
Your Loft will stay on the market too long
New listings – those that have been posted in the last 30 days – get the most traffic. Once you’ve gone beyond those 30 days, you’ll see a decline in the number of showings you book. The longer your Loft is on the market, the more negative it appears to potential buyers. In fact, if a buyer knows your Loft has been on the market too long, then they are more likely to make a low-ball offer. In cases like this, you may end up selling your Loft for less than it is worth, simply because you priced it too high in the beginning.
You will have a problem with the appraisal
Even if you find a buyer that is willing to pay your asking price, you could still run into trouble. If this buyer is relying on financing to purchase the Loft, then it’s unlikely the deal will make it to the closing table. During the closing process, the lender will order an appraisal of your Loft. If the appraiser determines that the market value is less than the price you’ve agreed to sell for, the lender may deny financing. This wastes valuable time and prolongs the Loft selling process while you search for another buyer.
Your Loft won’t sell
The bottom line is – if you overprice your Loft, then it’s unlikely you will sell it. This is why it’s so important to work with a professional real estate agent who is an expert in your local market. By partnering with a knowledgeable agent, you can feel comfortable that they will price your Loft based on the current market conditions. Not only will this result in a quicker Loft sale, but you’ll also feel much less stressed in the process.