Making the Most of Initial Interest
Sellers often make the mistake of wanting to price their homes high at the start, with the assumption that they can always reduce the price to a more realistic level later.
Unfortunately, many sellers wait to long to make the needed adjustment after having tested the market with the higher price. Interest peaks when your home is new on the market and drops off dramatically as time goes on.
Unfortunately, not only does the interest level decline for a home the longer it remains on the market, so does the price. A home not properly priced will yield lower proceeds when (and if) it finally sells. Any needed adjustment should be made sooner rather than later.
Risks of Being Overpriced:
- Slower Sale
- More Inconvenience
- Lack of Interest from real estate community
- Negative response from advertising and sign calls
- Increased chance of “market worn” image
- Fewer showings