I see it all the time, and I know it’s tempting—price a home too high just “to see if anyone bites.” The reality is this misguided approach often comes back to bite the seller.
1. Pricing a home too high when it hits the market spooks off buyers.
It makes them question a seller’s intentions and wonder if they’re serious about selling. Remember, buyers (and their agents) have done their research and they know what a home is worth.
2. Another hiccup in pricing too high is that the home lingers and lingers and lingers on the market way longer than it should. The buzz generated by a new listing priced right will always gain more interest (even multiple offers) from buyers ready to purchase.
If you’re curious about what the average days on market is in your neighborhood, give me a call. As 2020 comes to a close, buyers are still looking and homes are still selling.
Mike Z. Haque