The Effects of Pricing
The Results of Overpricing
Many sellers believe that if they price their home high initially, they can lower it later. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property. On occasion, the price is dropped below the market value because the seller runs out of time. The property sells for less than it's worth.
The Importance of Early Activity
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when Real Estate Professionals and potential buyers sit up and take notice. If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
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