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If Your Apartment’s Price Is Not Compelling, It’s Not Selling

There’s one big mistake you need to avoid when you sell your apartment this year: setting your price too high. It might seem like overpricing gives you room to negotiate or could really boost your profit, but the reality is, it usually backfires.

In fact, Realtor.com says almost 20% of sellers — that’s one in five — have to reduce their price to get their apartment sold. And you don’t want to be one of them. Here’s why starting too high can lead to trouble, and how to avoid it.

Overpricing Pushes Buyers Away

With mortgage rates and apartment prices where they are right now, buyers are already stretching their budgets to make a move. So, when they see an apartment that’s priced too high, they’re not thinking, “I can negotiate.” They’re more likely to think, “next” and skip over your apartment entirely. An article from the National Association of Realtors (NAR) explains:

“Some sellers are pricing their apartments higher than ever just because they can, but this may drive away serious buyers . . .”

And if they skip over your listing, you’ll miss out on the chance to get them through the door. That’s the last thing you want because fewer showings mean fewer chances to receive an offer.

The Longer Your Apartment Sits, the More Skeptical Buyers Will Get

Here’s the other issue. An overpriced apartment tends to sit on the market longer. And the longer an apartment lingers, the more buyers start to wonder what’s wrong with it. Is there a problem with the apartment itself? Are you difficult to work with? Even if the only issue is the price, that extra time creates doubt. As U.S. News says:

“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . An apartment that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”

At that point, you’ll have no choice but to lower your price to drum up interest. But that price reduction comes with its own downside: buyers may see it as another red flag, that there’s an issue with the apartment.

The Key To Finding the Right Price for Your Apartment

So, what’s the secret to avoiding all these headaches? It’s simple. Work with a local real estate agent who knows the market inside and out, and who’s going to be honest with you about how you should price your apartment.

You don’t want to partner with someone who just agrees to whatever number you throw out there.

That’s not an expert who’s going to get you the best results.

You want an agent who recommends a price based on their expertise. The right agent will use real-time data from your local market to help you land on a price that makes sense — one that grabs attention, attracts buyers, and still helps you walk away with a great return. Someone who has been there and done that – and done it well. That’s the agent you want to work with.

Bottom Line

Remember, if the price isn’t compelling, it’s not selling. Instead of shooting too high and scaring off buyers, work with a local agent who knows how to price it right.

Connect with me to make sure your apartment hits the market with the right price, gets noticed, and gets sold. Who You Work With Matters!

Work With Julian

Julian is in the top 8% of brokers nationwide, which demonstrates his exceptional skills and knowledge. With over 20 years in the business, and 200 apartments sold, Julian has a wealth of experience and knowledge to offer his clients. Contact him today so he can guide you through the buying and selling process.

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