Home Sellers Tip #3
The Effect of Over Pricing
You might think that if you put a high price on your home, “just to see what happens” no harm is done. Nothing could be further from the truth. Overpricing your home might seem harmless, but in fact you could miss out on otherwise serious buyers you’ve out-priced.
If you’ve priced your home on the high side and later have to lower the price, buyers may wonder what is wrong with your home and lose interest. Pricing your home reasonably the first time is critical to attracting the right buyer at the right time. The rule of thumb is that buyers look at about twelve properties before they make an offer. This will give them a great idea of whether or not your property is well priced. If it’s priced too high, you’ve just lost a potential buyer.
The graph above visually represents the difference between the selling price and the asking price based on the total time that the property has been on the market. What does this mean? When you are deciding on a price, keep this grid in mind – if you establish a competitive price at the beginning, your likelihood of receiving an offer close to that price is high.
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