The Danger of Overpricing When Selling
The number one reason why an otherwise attractive home does not sell is the price. Homes that are grossly overpriced often never sell at all. I have sellers say to me all the time, “Well we will price it at X, then a buyer can just make an offer.” Yet the fact is, a buyer will not make an offer if the home is overpriced.
Here is the psychology behind a buyer’s thinking:
- They don’t want to offend the seller. It goes against human nature to offer substantially less than asking price to a seller. It’s insulting to the seller and embarrassing for the buyer.
- Buyers erroneously believe that the seller knows the home is overpriced. They believe that if a seller would be willing to sell for less, the seller would simply lower their price.
- Buyers also assume that the seller must have turned down low-ball offers from other buyers because surely someone, somewhere along the line, had offered a reasonable price to the seller. But many times, there are no offers at all.
In the end, stats show that if a seller overprices the home they will end up accepting less than if they would have priced the home correctly from the beginning.
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