Why Overpricing Your Lakefront Home in Candlewood Is a Bad Idea

Why Overpricing Your Lakefront Home in Candlewood Is a Bad Idea

 

An incorrectly priced home can deter buyers who are looking for Candlewood Lake and Lake Lillinonah properties. Overpricing your home can backfire and leave you with a stale listing. 

Here are other reasons why overpricing your Candlewood Lake home for sale is a bad idea:

Your home will stay on the market longer

Candlewood Lake homes that are priced too high will usually take much longer to sell. Experts agree that the longer a home sits on the market, the less valuable it becomes from the perspective of home buyers. Prospective buyers will not get excited about a home that has stayed on the market for months on end and will give them the impression that there is a problem with the home and will prompt them to submit a lowball offer.

You will lose potential inquiries and showings

Sometimes, prospective buyers learn information about a home through signs, flyers, and other forms of advertisement.   When they learn that your home is overpriced, they will no longer inquire about it. They will not be interested to ask for showings. Buyers will most likely drop a home from their list immediately when they feel is overpriced. Put yourself in the buyer's shoes. If you see a home that is overpriced, you probably will keep on looking until you find a home with a better value.

You get lower proceeds

Sellers who overprice their homes mostly end up selling them for much less in the long run, as compared to sellers who have priced their property right from the beginning. In addition to that, homes that are priced right get sold more quickly, thus reducing expensive holding costs.

You will experience branding problems

When a new home hits the market, buyers’ agents quickly check out the property to see if it is a good fit for their clients who are looking for Candlewood Lake real estate. It may be hard to reignite an agent’s interest if your home has already been branded as overpriced. What’s worse is agents will remove your property from their inventory of homes to show.

You will have problems with the appraisal

Even if you do find a buyer who is willing to pay, overpricing your home can lead to some other problems along the way. Majority of buyers today require some kind of financing to purchase real estate. Financial institutions require a property appraisal from a certified appraiser before approving a mortgage application. These institutions want to ensure that they are not lending money for a home that has a selling price which is too high than its current market value. If you overprice your home, the sale might fall apart at this stage.

Avoid overpricing your home by hiring an experienced real estate agent who can help you come up with the best price of your home based on its current market value and you will be well on your way to getting your property sold. Check out http://www.CandlewoodLakeHomesforSale.com today for more home selling tips and suggestions.

If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Waramaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.

5 Essential Updates You Should Do Before Selling Your Candlewood Lake Waterfront Home

5 Essential Updates You Should Do Before Selling Your Candlewood Lake Waterfront Home

 

Before you show your home to buyers looking for Candlewood Lake waterfront homes for sale, it will be helpful to do some upgrades which can boost the value of your property. These updates will also make your home stand out from the rest of the competition. Here are some home improvement projects that you should do before listing your home:

Update the bath

Next to the kitchen, bathrooms are usually the most important part of the home to update. If you have a large budget, you can purchase a new toilet seat and a new pedestal sink. Not only are they easy for homeowners to install, they can also make a huge difference in the look of the bath. You may also replace old, discolored bathroom flooring with easy-to-apply vinyl tiles or small pieces of sheet vinyl. To make your tub and shower look spotless and new, you may re-grout the tile and replace any chipped tiles.

Choose energy efficient appliances

Another way to add value to your home is by replacing old appliances with energy-efficient models. Use Energy Star-rated appliances because they are better for the environment and help you save money because they use less energy. Having energy efficient appliances is an advantage because most buyers often look for ways to save money when shopping for homes for sale in Candlewood Lake.

Create multiple seating areas

Having second or multiple seating areas can also add instant value to your home. Look indoor for free space which can be used for a formal dining setting. With the addition of an outdoor table and patio furniture, a terrace can become an instant second dining room. In addition to that, the furniture emphasizes the size of the space and creates a destination.

Give your front yard a makeover

Giving your front yard a facelift can boost your home’s value. Adding some color to your planters or keeping your front yard looking fresh is an inexpensive way to add curb appeal. Remember that in the case of a home sale, a book is often judged by its cover. Make sure your home’s exterior shows that you take pride in our home and in your neighbourhood. It is also a sure way to make your home stand out from the rest of waterfront homes in Candlewood Lake.

Update your plumbing

If you have old, rusty iron pipes, it might be time to replace the plumbing. Keep in mind that an appraiser takes the plumbing into serious consideration when assigning value to a home. Today, updating your plumbing is no longer a huge undertaking. It can now be done with PEX (basically plastic tubing) that is reliable and can be run through your walls like an extension cord which means there will be less holes and less mess.

Check out http://www.CandlewoodLakeHomesforSale.com today for more home selling tips and suggestions.

If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Waramaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.