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Dangers of Overpricing

  • Fewer buyers are attracted, and fewer offers are received.
  • Marketing is prolonged, and initial marketing momentum is lost.
  • The property attracts "lookers" and helps competing houses look better by comparison.
  • If a property does sell above true market value, it may not appraise, and the buyers may not be able to secure a loan.
  • The property may eventually sell below market value.

 

Summary: As your asking price decreases, the number of buyers who will view your property increases. If you are trying to sell your property in a tough real estate market (high inventory, low demand), consider pricing it at 10% to 15% below comparable properties. It is better to price your house competitively initially rather than gradually reducing the price later because a property receives more attention when it first lists on the market.

What our customers think...

Lee Ann, Trish, Chris, and Dawn,

Many thanks to all of you for making my purchase so easy and efficient.  I really appreciate all the attention to detail and the professional way you manage the process.  You simply are the best!

- N. Levenson

 
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