CAUTION ABOUT OVERPRICING YOUR HOME

Buyers seldom look at only one house, and often spend weeks and months comparison shopping. If your property is overpriced relative to your competition, the following unfavorable results may occur:

Properties receive the best response from agents and buyers when first listed. An overpriced property goes stale in the first weeks on the market and not even a later price reduction will rekindle the original interest.

Real estate agents who are sensitive to buyers’ requests will not show property priced over an amount the buyer can afford. Overpriced properties will not be shown to prospects who would otherwise be interested if the property were competitively priced.

Even if a purchaser agrees to pay a price above the listed comparable properties, an appraiser will not be able to justify the sales price to the lender. The lender will not grant a loan based on any figure higher than the appraised value!

A house realistically priced and properly marketed from the beginning affords the seller the best opportunity to maximize profits.