Sellers who overprice their home are usually making one of the biggest mistakes that many sellers make when listing their home. Here are some of the dangers of overpricing:
1. You don’t get a second chance to make a good impression – After many months on the market, and several price reductions your property starts to get market worn in the eyes of both buyers and agents. When looking at a property or deciding on an offer, the buyer will often ask their agent how long has this property been on the market? If its been for an extend period of time, then buyers will start to question what’s wrong with the property. Additionally; many agents will not even show homes that have been on the market for a long time. They will assume that there are condition, location or pricing issues involved, and it will be a waste of their time and their buyer’s time to even show the property.
2. You are setting yourself up for failure – You will most often get your best offers within the first thirty days of being on the market, so don’t waste this opportunity. Time and time again, many sellers find this out the hard way and end up regretting their prior decisions.
3. You will often help sell someone else’s property – Most buyers will look at several homes before making a decision to buy, so they get a pretty good idea of what you get for the dollar. If your home is priced above the other comparable homes, then the buyer is almost always going to choose the one that’s a better value.
