• 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...

Garrett King was very personable with his clients and very professional when he needed to be. "We liked that he was so aggressive pursuing our interests. Very knowledgeable of areas and the properties he's shown us."
-The Strumskys