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| Pricing Part II |
Here are more reasons why it's dangerous to overprice your home. Most activity on a listing comes within the first 30 days. And overpricing can eliminate a whole class of qualified buyers--causing you to miss out on pent-up demand. Most buyers know how high they can go and won't look at homes priced above their ceiling. Buyers who can afford the price won't waste time with an overpriced property. They know they'll get more house for their money elsewhere.
Overpricing helps sell more competitively priced homes. Buyers who might stretch their best offer become frustrated when they can't buy at fair market value. If you do get a contract, it may fall through because of a low appraisal. National Association of REALTORS statistics show that the more overpriced a home is, the less the seller ends up realizing in the end because it becomes seen as stale inventory and that suggests problems--even after the price has been lowered.
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