Port Angeles real estate prices are all over the map, including many homes that are overpriced even in this recession.  Many property owners believe that their property is worth more than the true current fair market value. There are serious downside risks for a homeowner if the property is overpriced.  The property may:

• Not sell, and
  
• The Seller may not get the highest possible price.
  

Port Angeles Real Estate Prices and Overpricing Dangers

Here are some of the dangers to overpricing your home:

• The home may not appraise high enough for the buyer to get a loan.
• It will take longer to sell, but not just that, it won’t sell at that price no matter how long it is on the market.
  
• The property will have fewer showings, since the home at the higher priced is filtered out of many buyers’ lists.
  
• The seller may receive very low offers, and the seller may be offended.
  
• The property will help sell other homes, since buyers are astutely comparing prices and homes.
  
• The sellers will have a much longer marketing time, which means paying property taxes and mortgage payments.
  
• Once an agent sees an overpriced listing, they never forget it was overpriced, and they don’t go back to see if it was reduced.
  
• Sellers end up selling for less than what they would sell for if the property was priced correctly in the beginning.
• A listing that is overpriced often is looked at by the wrong buyers.
  
• Sellers look foolish with grossly overpriced listings.
  

Port Angeles Real Estate Prices – Time is Everything

Home sellers who overprice their homes will find out after months or even two or three years that they have lost a lot of money by overpricing their homes.  Not only have they lost money and paid a lot in maintenance, taxes, and mortgage payments during the time first put it on the market and now, they also have had all the stress during the long listing period.

My recommendation is that you talk with an experienced professional Realtor who will tell you the honest-to-God truth about how all this works and where you need to be with respect to Port Angeles real estate prices.  If you need help, email me at chuckmarunde@gmail.com or call me anytime.

Also on this blog see:
Overpricing Your Home Can Be Costly, and
Port Angeles and Sequim Real Estate Listings

Last Updated on September 20, 2019 by Chuck Marunde