| As the market shifts in some regions to favor | | | | sellers of overpriced homes with a low offer. The |
| homebuyers over home sellers, now more than | | | | buyer would rather wait to see if the sellers are |
| ever it's important to properly price a home so | | | | going to lower their price to a reasonable range. |
| that it sells in a timely manner. Listed below are | | | | 6. Buyers may lose their enthusiasm when they |
| some issues that home sellers should consider | | | | see an overpriced home. Even if the home in |
| when pricing their home for sale. | | | | question appeals to them, they are put off by its |
| 1. An overpriced home is often overlooked by | | | | above market pricing. |
| potential homebuyers and sits on the real estate | | | | 7. Homes priced too high may not receive any |
| market for a longer period of time. | | | | offers, may receive fewer showings and |
| 2. An overpriced home, especially in a declining | | | | therefore take more time to sell. |
| market, could eventually lead to the home owner | | | | Homes that are not competitively priced send the |
| having to reduce the price, often to a much lower | | | | wrong signals to prospective homebuyers. In |
| range. | | | | many cases, overpricing a home could lead to an |
| 3. Buyers may avoid making offers on homes | | | | exceedingly long sales cycle or no sale at all. |
| that are overpriced because these homes | | | | So before you put up your home for sale, get a |
| invariably take more time and energy in | | | | good real estate agent to recommend a sales |
| negotiation. | | | | price range. This is vital, especially if your local real |
| 4. Home buyers may perceive sellers of | | | | estate market has declined since your last home |
| overpriced homes as unreasonable and steer clear | | | | valuation. A good real estate agent should be able |
| of them. | | | | to do this and also guide you through the entire |
| 5. Home buyers may be reluctant to approach | | | | selling process. |