Overpricing Doesn’t Give Maneuvering Room, Instead It Turns Buyers Off!

Contrary to seller’s expectations that buyers will simply bid less than what they’re asking, most buyers won’t make an offer on a home priced too high for the market.  Instead, buyers prefer to wait until the price is reduced and test their options elsewhere in the mean time.

But there are other reasons that sellers don’t receive offers on overpriced homes.  For example, buyers may not want to upset or offend the seller by offering a substantially lower price than the one being asked.  Also, there’s the fact that buyers tend to know the market better than sellers do, since they’ve been looking at comparable homes and the prices on them.

Sellers who over price their homes will usually alienate themselves from buyers and real estate agents, who will choose to search for more realistic asking prices.  Agents also dislike showing overpriced homes because the buyer will rarely make an offer.

The best solution for the seller is to lower the price right away, while buyers and agents still remember the place.  If sellers wait too long before changing the asking price, they are risking the chance that their best buyer has moved on to other prospects and forgotten all about the high-price listing.

The Facts Of Real Estate Life!

(What Every Home Seller Should Know)

·        An appropriate listing price will immediately and consistently attract attention and generate activity.

·        A home that is priced realistically and marketed effectively will always sell, even in a declining market!

·        Your house cannot sell for a penny more than the best offer obtainable from the best buyer available in the current market.

·        The only way to determine the true value of a house is to thoroughly test the market and aggressively challenge the competition.

·        Testing a bigger market and a better market with greater skill yields a better price.

      Homebuyers and sellers can obtain additional resources at myshortsalehelpdesk.com and mariamcguire.com.  Maria McGuire is a licensed Real Estate Broker serving southeastern Michigan and the MetroDetroit area since 1989.