1] Appraisal Problems
If your home does not appraise for the
Purchase Price,
Purchase Price,
the sale will likely not close.
2] Selling the Competition
Your over-priced listing makes the prices
of other reasonably-priced homes seem
like a bargain.
of other reasonably-priced homes seem
like a bargain.
3] No Showings
Buyers are not naïve.
The internet has made educated buyers out of everyone.
If your home is overpriced, they won’t bother to come.
4] Bad Reputation
Agents who cover your area will always see most New Listings.
If it is considered as “overpriced” by those who are most familiar
with the neighborhood, it is difficult to reignite interest –
even if you reduce the price later.
5] Stagnation
Overpriced homes sit on the market a long time.
If sales in the neighborhood are reasonably active –
and your house is sitting- Buyers wonder: what is wrong?
6] Lost Opportunities
You lose Buyers whose pre-set budget is outside of your advertised price.
They may never come to see your home, even if it eventually sells within
their price range.