Many homeowners believe its better to set a high initial listing price because they can always lower it if they need to. According to RealEstateabc.com this is a myth that needs to be challenged.
As our local inventory increases many sellers find themselves in competition for fewer buyers. An ad in the newspaper or sign in the yard may get the message out, but most buyers are dealing with agents they have met while looking for other properties. Agents know the area and inventory available. When they see an overpriced house they know if their buyer likes it, they’ll be able to show them many more accurately priced options in the same area.
New listings get the most attention. That’s a fact. When an overpriced new listing comes on the market it doesn’t generate the same kind of excitement as an accurately priced home would. Agents may pass it over and not even notice a price adjustment later on. After a few weeks your home may become “stale” on the market while buyer’s agents are focusing on what is new. If you’ve already made moving plans or accepted a new job, you may become desperate and accept a lowball offer. Now you’ve sold it for even less then what would have been an accurate listing price.
Still think it’s a good idea?
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