Consequences of Overpricing
VS. 
Buyers look at many homes, and often spend weeks and months comparison shopping. If your property is priced higher than your competition, the following unfavorable results will occur:
- Overpriced properties go stale in the first weeks on the market and later price reductions will not always rekindle original interest.
- Overpriced properties will not be shown to prospects that would otherwise be interested if the property was competitively priced.
- Overpriced properties help sell other homes that are priced right.
- Overpricing leads to additional time needed to sell the property.
- An offer received after the property has been on the market a long time is usually lower than if the property were priced competitively in the beginning.
- Appraisers may have difficulty justifying the price and lenders will not give a loan commitment for property that has sold for more than comparable sold properties.
- Property is now called "Market Rejected"
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