The Dangers of Overpricing

“Why can’t we price it high now, then adjust it later if we need to?”

…because the majority of serious potential buyers visit a property within the first two weeks of it going on the market. If your property is priced higher than comparable homes, they won’t even bother looking at it. In fact, other agents will use your home as proof that their listings are a better value, and you’ll help sell the homes you’re competing against.

Once your property has been on the market with very few showings and low-ball offers, you will finally reduce the price. When potential buyers see how long your home has been on the market and that the price has been reduced, they will think there is something wrong with the property. These potential buyers won’t want to pay market value. All too often, homes that are overpriced, then reduced, end up getting lower than market value in the end.