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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...

I am writing because your employee Mary McLeod is to be commended for her outstanding representation of your firm.  She was a pleasure to work with, taking the time to personally drive us around and help us to understand the different neighborhoods.  She specifically targeted homes in our price range and thoughtfully considered our requirements.

When it came time to negotiate our offer to purchase, she was a true advocate, sticking up for us and getting us a fair deal.  Her knowledge of the market, the transaction process, and negotiating skills are among the finest we have ever seen.

We are looking forward to being residents of Lewes, but more importantly Neighbors and Friends.

- P. and K. DeBiasse

 
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