6 Reasons Overpricing Does Not Pay

1. Most buyer activity comes within the first 30 days a home is on the market. Overpricing means you’ll miss that activity by discouraging qualified buyers who’ve seen similar homes for less.

2. A too-high price eliminates a whole class of buyers. Many buyers know just how high they can go and don’t even look at homes priced above their price limit.

3. Overpricing helps sell other, more competitively priced homes first. Your home’s over-market listing price makes them look better.

4. You waste time and suffer added weeks or months of stress as your overpriced home languishes on the market, preventinh you from moving on.

5. Your home may eventually be seen as “ stale inventory,” suggesting structural or mechanical shortcomings (although in realty, none may exist), even after you’ve lowered your price. A further price reduction, below true market value, may be needed to sell your home.

6. If you do get an offer, the contract may fall through because the appraisal of the buyer’s lender comes in too low. The buyer may not be able to borrow enough, or come up with enough cash to proceed with closing.