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The High Cost of Overpricing...
THE HIGH COST OF OVERPRICING...
I see it everyday in the MLS when I look for properties for my buyer-clients, or work on pricing for a listing appointment, or talk to sellers whose listing has expired and they don't understand why-- the high cost of overpricing.  

Sellers who have a skewed perspective on the value of their home should realize that correct pricing is their most valuable marketing tool.  When a home is overpriced, it is viewed (from the buyer's perspective) against other similarly priced homes.  If those homes have more amenities, larger square footage, better location, etc., then the over-priced home only serves to showcase the other homes as being of better value within the price range.   

These two actual property history charts from our MLS show how this works with the sellers "chasing the market down". 
Home buyers are savvy, they know how long your home has been on the market, how many price reductions you've made, and what other homes are selling for in the neighborhood.  Bottom line:  When your home is overpriced you lose negotiating power with the buyer.
It's not always the sellers' fault.  Some real estate agents will provide an inflated value of ... more

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