Dangers of Overpricing
Below are just a few reasons why you should not overprice you property.
- Many potential buyers won't even look at your property because they will
think it is out of their range.
- The potential buyers that do look are shopping by comparison, looking at
your home may convince them to make an offer on another property that is price
- Lending institutions always have an appraisal done on properties to make
sure it is worth what they are loaning and a copy of the appraisal is given
to the buyer, so overpricing is futile.
- Properties that have been on the market for an extended period of time become
"Shopworn", causing many to believe something is amiss. After extended
marketing time the sales price is usually less than it would have been if
the property was price appropriately in the beginning.
- Overpricing will lead to fewer showings because other real estate offices
will tell their customers that it is overpriced causing the buyer to look
at another property.
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