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The 8 Dangers of Overpricing Your Home

An asking price that is beyond market range can adversely affect the marketing of a property. Here are the 8 dangers of overpricing your home.

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Missed showings:

Buyers and REALTORS® search within a price range when looking for a home using the Multiple Listing Service (MLS). If your price is above market value, your home will not come up in their search and you lose showings from buyers who can afford your home.


Helping to sell the competition:

Buyers comparison shop when considering a home purchase. When a buyer compares
an overpriced home versus one that is priced at market value it will likely convince them to place an offer on the well priced property instead of yours; you’re helping the competition get sold.


Missing out:

The perfect home for you to purchase may present itself while your home is listed. If you are overpriced, you will have very little chance of selling and therefore you won’t be in a position to buy your desired home. Watching another buyer purchase your dream home is not a fun position to be in, and it can be avoided with a well priced listing.


Low Ball offers:

If you receive an offer it is much more likely to be a ‘low ball’ offer, which results in a frustrated contract and a very low chance of getting an accepted offer. Today's buyers are quite saavy and overpriced listings don't survive their analysis.


Tough to Close:

It’s tough to close an accepted offer on an over-priced listing. This is due to the fact that buyers continue to look at the competition and they quickly realize they have overpaid, which results in buyer’s remorse and a collapsed sale prior to subject removal.


No Chance of Competition:

An overpriced listing will not result in competitive offers, whereby a well priced listing will have a greater chance of receiving offers from more than one buyer, and possibly getting an offer over asking. Real estate agents may forego showing an overpriced listing, as the price shows little motivation by the seller. Buyer’s agents are always keen on getting their clients through the doors of a well priced home first, in order to give their clients first crack at getting the home of their dreams. The best homes sell first.


Risk of falling market:

The longer a listing stagnates on the market the more likely it will sell for less than it would have had it been priced right in the first place. This used to be a coined term by Real Estate professionals, but now it is contained in a study by Ken Johnson of Florida State University.

 

Bank appraisals:

 Appraisals are required on all new loans. The appraised value is based on the recent sales prices of similar properties. If your home is overpriced, the appraisal may fall short of the offer, and the buyer, not willing to pay more than the appraisal price, will cancel the offer. The bank also will not lend money on an overpriced property to a Buyer looking for a high ratio mortgage, or 20% or less downpayment. A large portion of buyers are high ratio mortgage seekers.


These are just some, and by no means all the reasons why you should consider what the market is doing when it comes to pricing your home. By over pricing a home, you are esentially hoping to win 'the home seller's lottery,' meaning you are hoping that someone will come along and pay an unreasonable amount of money for your home, despite all the facts and comparative information available. In the long term, over pricing your home hurts the overall value of your home, while also sacrificing your time as you wait and learn that overpricing was a mistake.


For help pricing your home competitively while maximizing your return, Call me! I am happy to give you an honest opinion on what to expect.


All the best until next time,


Darin

 
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Mortgage Rates Move In A Direction We Are Not Used To

It finally happened, mortgage rates went up. We have seen years of exceptionally low mortgage rates aimed at keeping consumer demand for housing strong as our market moved up and down like a proverbial roller coaster. Finally, for the first time in a long time, the banks have raised their rates.


Why you ask? 


Bond yields which control longer term fixed rates are up 0.40% since May. Many things affect mortgage rates but the single biggest item is Government of Canada bond yields. Government bonds are 100% guaranteed to be repaid, but mortgages are not; therefore mortgages carry more risk of default or early repayment, which could potentially disturb the return on the investment. Therefore, mortgage rates must be priced higher to compensate for that risk. As bond yields increase, as do mortgage rates.


So what does a higher mortgage rate mean for the market? It can mean a ton. It means many fence sitters may jump off and jump in to the market, fearing for another potential increase in rates. It means many purchasers will be left with less affordability and may have to settle for less house or end up waiting all together. It means the economy is doing well. It can mean a lot. For the latest and greatest on your own personal area, I am always just a phone call away to answer questions.


If you know someone looking to buy or sell, rely on a professional who knows the market in and out, and is willing to go the extra step to build strong relationships. When you notice someone who could use my help, please take out your cell phone, look up my number and call me. This way we can talk about the best way to connect your friend with me so they have an opportunity to get the best advice first. 


Sincerely, Your friend in Real Estate.


Darin Germyn

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Please visit our Open House at 1120 160TH ST in Surrey.
Open House on Saturday, June 15, 2013 1:00 pm - 3:30 pm
You found it. 4 bedroom home on the Surrey side (lower taxes!) of famous Stayte Rd. Just a short walk tothe beach in this clean home on a HUGE lot. Come check out the awesome privacy and beautiful gardens of the perfect family home. 8 yearold roof, tons of parking and a view of Mount Baker from the kitchen make this home an awesome entry level home to get into the market or buy and hold the enormous lot for future potential. You found it!
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  1. Magnificent Makeovers on a Budget

     

    Have you ever watched those TV shows where some lucky homeowner gets a room redecorated by a professional? To have something similar done in your own home you would have to make a serious investment, or become a TV show guest!


    However, there are ways to re-decorate a room and make it look great – even spectacular – on a budget.

    Say, for example, you want a living room makeover. If your sofa is worn you can buy a fitted sofa cover that will make it look almost new. Table cloths on worn end-tables and other surfaces can have a similar affect.

    Don't forget the most economical redecorating trick of them all: Paint! A fresh coat of paint can bring a room to life!


    Hanging a few new pictures can also have a dramatic impact on the look of a room. You don't have to buy a Rembrandt. Attractive, simply framed pictures will also add interest and colour.


    With a little imagination, it's amazing how much you can improve a room on a little or even no budget. 

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I have listed a new property at 124 7837 120A ST in Surrey.
Imagine finding a ground floor home with enough room for you and your animal friends. This 2 bedroom home has had the same loving owner for over 20 years and they are ready to pass it on to you. 2 full bathrooms and an excellent open layoutmake this bright and spacious townhome great. The fridge, washer and dryer are all under warranty until Feb 2014. 2 private patios, 1 off the master bedroom, an exterior storage closet and parking for 2 cars make this home unique. Just a short walk to everything the Delta/Surrey border has to offer, including shopping, groceries, restaurants, movie theatres and easy access to the major routes. Be sure to check us out online at the link provided. You found it!
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How to Be a Savvy Home Viewer

If you're planning on finding your next dream home, then you're probably going to view several homes on the market that meet your criteria.


You will want to make the right purchasing decision for you and your family. So, it's wise to be savvy when viewing properties for sale. Here are some ideas on how to do that.


  • Bring a notepad. Take notes, not only of the home's characteristics, but also of how you feel. For example, can you imagine yourself happily cooking up a storm in the kitchen? Do you see yourself entertaining family on the back deck?

  • Bring a measuring tape. Will the furniture you plan to bring fit? Your dining room suite? Your home fitness equipment?

  • Ask about maintenance. Is the property in a good state of repair? Will anything need to be replaced soon, such as the windows?

  • Bring a camera. Take lots of pictures of the home's exterior features. Don't make the mistake of thinking you'll remember how everything looked.

  • Check out the area. Do other homeowners take good care of their properties? This shows pride of ownership. How is the noise level? Is there a playground, or another area feature nearby?

  • Make a list of compromises. For example, are there only two bathrooms instead of three and, if so, can you live with that?

  • Make a list of bonuses. What features does the home have that, are not a necessity, but would be nice to have? For example, an entertainment bar in the basement recreation room.

  • Remember your budget. Is the price within your range? Can you afford to buy this home?


    The savvier you are when viewing properties on the market, the more likely you will be to find your next dream home. 

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