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
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.
Missing The Right Buyer
You may think that interested buyers "can always make an offer," but if
the home is overpriced, potential buyers looking in a lower price range
will never see it.
Those who can afford a home at your asking price will soon recognize
that they can get a better value elsewhere.
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.