1Buyers are aware of the lengthy market exposure and usually attribute to overpricing.
2. Merchandising your property is done for results- overpricing reduces the response and ultimate, results
3. Buyers educate themselves with market comparables through various internet sites. If your home does not compare, it won't sell.
4. The proper pricing of any commodity, especially a home, results in an early sale.
5. Buyers will avoid overpriced homes and look some where else. Buyers purchase within their qualified range, so if a buyer is qualified at $100,000 and your home is worth $100,000 but it is initially marketed 20% higher at $120,000 the buyer who is Qualified at $100,000 will not be looking at it, and the buyers qualified in the $120,000 range will be feel it is overpriced and will not put and offer in onit.
6. If overpricing causes a home not to sell, the monetary loss and the many inconveniences to the owner could be overwhelming.
7. Homes usually sell at a Fair Market Value! Pricing a home realistically will bring an early sale, few inconveniences, and a greater monetary return.