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The Results of Over-Pricing
Many sellers believe that if they price their home high initially, they can always lower it later on.
Often when a home is priced too high, it experiences very little activity. Gradually the price comes down to market value, but by that time, it has been for sale for far too long and Buyers are weary.
On occasion, the price is dropped below market value because the Seller gets anxious and the property sells for less than it is worth.
The importance of early activity
As soon as a home is listed on the market, there is a flurry of activity surrounding it.
This time is a crucial time when Sales Representatives and potential buyers take notice.
If the home is overpriced, it doesn’t take long for interested parties to change their minds and steer clear.
Factors that influence overpricing
- Extensive renovations/Hidden Costs
- Urgent need for money
- Desire to purchase in a higher-priced area
- Original cost of home too high
- Lack of real market information
- Building in “bargaining room”
- Perceived emotional value