3 Reasons Why Metro DC Homeowners Overprice Their Homes

We recently posted about the real estate market outlook for 2021 and with home prices and sales continuing to rise, it’s no wonder that confidence in selling Metro DC homes is growing.

Many Bethesda, DC, and Chevy Chase area residents have begun the process of listing their properties to take advantage of this exciting time in the market. But one common disconnect between homeowners and their agents is the price at which they believe they should list the property.

The price homeowners have in mind is oftentimes not realistic for the local market and takes into account a variety of factors including their emotional ties to the home. Finding a comfortable price for you can be a major obstacle when selling your DC Metro home and you may need to compromise— just take a look at these common reasons homeowners overprice their homes in our area:

You think your decor is the best
Naturally, your home in DC, Bethesda, Chevy Chase, and the surrounding communities will represent your unique tastes and style, but keep in mind that it may not do the same for other buyers. Your knick-knacks, bright colors on the walls and large furniture items can get in the way of buyers envisioning themselves living in the home, so take care to scale back on these during the selling process.

You have emotional ties
Homeowners who have lived in a property for several years will develop emotional ties to the home, especially if you’ve raised your family there. In your mind, the home’s worth may be far more than what buyers are willing to pay, so remind yourself to be realistic and remove your homeowner hat. It’s important to look at the property as a buyer, without emotional ties, in order to find an accurate price.

You want to make a major profit
Who doesn’t want to make a profit when selling their Washington DC area home? This may tempt you to drive up the price, but don’t be too hasty. Your home value is dependent on the current market, comparable properties and its condition. Just because you need a specific amount of money from the sale to purchase your next dream home does not mean you can or will sell your home for that amount.

It will be a busy year ahead for the local real estate market and we’re happy to help you navigate the home sale process.

Questions about listing your Metro DC home or finding the value of your DC area property? Reach out to The Estridge Group today!

We look forward to working with you this year!

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