Refuse to Lower Your Price? You Might be Selling Others' Homes
Listing your home for sale means entering into competition with other sellers. The moment your home hits the market, you are in competition. I'm often surprised at how many home sellers don't consider that.
Every other home for sale in your community is competing with your own. They compete with your property in terms of condition, cleanliness, and price.
Not only will overpricing your home fail to get you results. It also drives buyers to consider competing properties other than your own.
Real estate professionals often refer to this as "bounce". Overpricing can drive buyers elsewhere. Some sellers who overprice wind up sitting on the sidelines, watching others succeed while their own efforts fail.
If you don't mind paying property taxes and maintenance expenses year after year, while other sellers move on, go for it. But I've watched sellers go to the wall over a ten grand price reduction, while they shell out several years of five-figure property taxes.