Many potential buyers won’t even look, thinking it’s out of their range.
Those buyers who do look are shopping by comparison, and looking at your home may convince them to make a bid on a different property.
Since an appraisal is often required in financing a property, it’s futile to price a property for more than it’s worth.
Properties left on the market for extended periods of time usually become “shopworn,” causing many to believe something’s amiss.
Overpricing tends to dampen the other salesperson’s attitude, making it less likely to be shown.
Overpricing lengthens marketing time, and invariably results in a lower selling price than would have been otherwise obtained.
Market time vs. Selling price
0 – 4 weeks 98.1%
4 – 12 weeks 96.4%
13 – 24 weeks 94.4%
24 – more 91.1%
The longer your home is on the market, the less it will sell for.