Whiteboard Topics: 5 Dangers Of Overpricing A Beach Home

Getting ready to sell your beach home means figuring out how to appropriately price it. You don’t want to go too low, yet you also don’t need to run the risk of overpricing it. Many people might not be aware that overpricing can cause problems during the selling process. Beach Homes Realty’s CEO, Glenn Phillips, walks us through why going too high can be a downfall.

  1. Knowledgeable Buyers: There is so much information across the internet that allows buyers to truly see what properties are going for these days. When you list a beach property way above what it is worth, you run the risk of a knowledgeable buyer knowing it isn’t worth that much. 
  2. Failure to Appraise: During Covid, appraisals hadn’t caught up. If you decide to overprice in today’s market, people aren’t willing to pay an appraisal gap. 
  3. Increased Days on Market “What’s Wrong With It?”: More days on the market mean more days the property isn’t selling. This can make buyers think there is something wrong with the property and ultimately lead to you having to drop the price, possibly more than once.
  4. Price Cuts Lead to Low Offers: Before you even receive an offer, you might have already lowered the price 2-3 times. This might make the buyer think they can come in lower due to seeing the price drop multiple times. You’re essentially teaching the buyer that you will make price cuts.
  5. Marketing Cannot Overcome Price: No matter how much marketing you put into the home, it doesn’t come close to proper pricing. Listing with an agent at Beach-Homes.com means that your property is visible on the market and is appropriately priced.

The bottom line when it comes to selling is that pricing correctly is pertinent. Don’t just expect to sell your property for the highest amount you think it is worth. Let the experts help you because, at the end of the day, they know what the market looks like. If you have more questions regarding the pricing of your beach home, reach out to a beach agent who would love to help you out.

Zac Parnell

Alumnus of The University of Alabama at Birmingham with a degree in Digital Marketing. Currently a Social Media Specialist at Lake Homes Realty.