Pricing Your Home

What happens to the overpriced house?

• Helps to sell the competition (Most buyers are competitive shoppers.)
• On the market a long time (Studies show that 80% of your potential buyers see the house in the first 4-6 weeks.  If you don't sell then it takes about 3 months to replace them with an equal number of newcomers.)
• Loss of market interest and qualified buyers (Buyers use value, quality and price of similar properties as deciding factors.)
• Negative impression is created (People wonder why the house is still on the market. They believe something must be wrong with it.)
• Seller continues to lose money (As long as your home is on the market you must continue to make mortgage payments and pay to maintain the property.)
• Seller accepts less money (Studies show that the longer a house is on the market, the greater the discount off list price is ultimately given.)
• Appraisal problems (Even if you find someone who is willing to pay your inflated price, you still may not be able to sell the house because the lender must agree that the home is worth the asking price or they won't lend money to the buyer.)

Again, a well-trained real estate agent will help you avoid the pitfalls of an overpriced listing and help you get the most money possible for your home in the shortest possible time, with the least amount of inconvenience.