What Overpricing Can Do
to the Eventual Sale Price of Your Fort Mohave Home
You will lose the excitement that a new listing generates. Agents are working with buyers who have seen what is currently on the market and are waiting for something new to be listed. Therefore, most activity will take place within the first thirty days of a listing. Your home will probably receive its best offers during this time. After this initial period, the only people who come to look at your home will be new buyers in the marketplace.
You will lose the most qualified prospects. Potential buyers will not “make an offer” because they probably will never see your property. They will view the properties that are priced within their purchase-power range, knowing that they cannot afford anything above their price range.
Overpricing helps sell other more competitively priced homes first. Your home may become the example demonstrating the good value of other properties. Your objective should be to enter the market in a position that will attract prospects not drive them away.
Your home may become stale on the market. Prospects may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. You will likely have to settle for less than market value. A house takes on a reputation surprisingly fast, so don’t wear out your welcome on the market.
You lose a strong negotiating position. When your house is on the market a long time, it hurts both financially and mentally. Prospects will not “rush” to make an offer on an overpriced property, and you may be faced with accepting less when they finally do.
If you do get an offer, the contract may fall through because of appraisal problems. The lender, through the appraiser they send to your property, must justify the price to the market in order to approve a buyer’s financing.
This article continues on Sell Your Fort Mohave Home 3
