The Dangers of an Overpriced Towhnhouse

The higher you price your townhouse above the market in Loudoun County, the longer it will take to sell. People like to believe that "we can start out high and we can always lower the price if we have to". This is not a good idea. If you try this "pricing strategy" you will most likely end up with several downward price adjustments. With several price cuts your townhouse could gain the reputation of a problem property. When your townhouse becomes a "problem property" you will then start to see offers that are much lower than you were expecting.

You Could Lose Potential Townhouse Buyers

Today at least 82% of all home buyers start their search for their new home on the internet. With information so easily available these real estate buyers will already know your townhouse is overpriced. Since they already know that your price is too high they won't even bother looking at your townhouse. You must set your price at fair market value so your home will sell for the highest possible price, in the shortest time to cause you and your family the least amount of inconvenience.

Financing May Not Be Available to the Buyer from Their Lender

If you do get lucky and find a buyer who is willing to pay your price, the bank might not think your property is worth the money. Since lenders look at fair market value and not the sales price when they decide if they are going to make a loan on the purchase. When an appraiser goes to the property and sees that the price is too high the buyer will either have to come up with the difference in cash, or you will have to re-negotiate the sales price in order for the transaction to take place. If you want more than fair market value the lenders will not give it to you. When you price your townhouse correctly not only do you attract more buyers but this will allow the sale to take place.

We all like to think that we have the best home on the block

This is because you have lived in your home for so long and have made so many memories there. Your memories mean so much to you and your family. In fact they are priceless. Sometimes these memories will cloud your judgment as to how much your home is worth to a complete stranger. Let us take the emotion out of selling your home. We can tell you exactly how much your home is worth in today’s market. Simply contact us at NewBeginnings@VirginiaIsForTownhomes.com and we can help you to start making new memories in your next townhouse.