FEWER BUYERS ARE ATTRACTED AND FEWER OFFERS ARE RECEIVED!
If your home is overpriced, the buyers that can realistically afford your home may not even consider a showing. As you can see on the graph below, if a home is priced at even 10% above market value, only 2% of buyers will even view it.
MARKETING TIME IS PROLONGED AND INITIAL MARKETING MOMENTUM IS LOST
The highest activity on a home is within the first 2-
4 weeks. If your home isn’t “priced rate” from the beginning, you are missing potential sales as the highest volume of buyers
YOUR HOME MAY HELP COMPETING HOMES LOOK BETTER
This is especially true if your home is competing in a price bracket above where it should. Homes in different price ranges have different expectations; if you are competing above where you should, other homes will outshine yours by comparison and will ultimately sell.
YOUR HOME MAY NOT APPRAISE
If you do get an offer, your property may not appraise for the asking price. This may result in the buyer being unable to secure a loan for the asking price. In this case, you would either have to lower your selling price or let the buyer walk.