In the real estate world, a
large group of people are looking to buy homes at any given time. These are the
seller's best prospects. This ready group of buyers is wasted, however, if your
house is overpriced.
If they have been shopping around and are
accustomed to comparing properties, they will probably refuse to look at your
home. You and your Realtor may know that you would sell for $10,000 less, but
the buyers do not know this. As a result, your overpriced property receives
little attention.
Don't be fooled into thinking that your house is
worth more than someone is willing to pay for it, or that it's just a matter of
waiting for the "right" buyer to show up. Surveys show that the longer
a house is on the market before being sold, the greater the drop in price from
the listing price when it does sell. The buying public eventually sets an
accurate price. An overpriced house just sits on the market, waiting for a price
adjustment before it will attract a buyer.
