PRICING YOUR PROPERTY CORRECTLY

It is highly unlikely that a buyer will pay more for your property than would have to be paid for a similar property with like amenities and features.  Buyers seldom look at just one house, and often spend weeks comparison shopping.  If your property is priced higher than your competition, the following unfavorable results may occur:

• Overpriced properties go stale in the first weeks on the market and later price reductions will not rekindle original interest.

• Overpriced properties will not be shown to prospects who would otherwise be interested if the property were competitively priced.

• Overpriced properties help sell those 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 may be lower than if the property were priced competitively in the beginning.

• Appraisers may have difficulty justifying the price, and lenders may be reluctant to give a loan commitment for property that has sold for more than comparable sold properties.

• Buyers will usually make an offer on a fairly priced home before making a low offer on an overpriced one.

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