The Dangers of Overpricing
As a seller, of course you want to get the best price possible for your home. But be careful - pricing your home too high initially can hurt you in the long run. Buyers are likely to wait for new listings if they feel that the initial price on your home is too steep to be negotiated reasonably. The first few weeks after a home is listed are the most active - the longer your home sits on the market, the less interest there will be in it, and any offers you receive are likely to be lower. If you eventually have to lower your asking price, it creates a negative perception in the minds of buyers, and costs you negotiating power.
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This graph represents the September 2011 market summary data from the NRV Multiple Listing Service. Compare the “Active Median List Price” to the “Sold Median Sale Price.” All of these homes have consistently sold at a price that is lower than the median market list price. These statistics must be taken into consideration when deciding on how to price your home - because you want your home to sell, but you need it to sell quickly.
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© 2011 New River Valley. Information is deemed reliable, but not guaranteed. Listing data is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing
Don't select the REALTOR® who prices your home the highest - select the REALTOR® who prices your home correctly. How will you know? Ask about their track record. How long does their average listing stay on the market before selling? What is their average ratio of the actual sale price to the asking price?
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