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