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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...

We wish to commend your agent, Garrett King.  He arranged an introductory meeting where he provided much insight into our search for a future home [and] his full attention and indepth knowledge of choices, whether building new or purchasing a resale property. Garrett is a credit to your organization and we greatly appreciated his help.

- D. & B. Tuverson

 
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