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Overpricing is the most common reason homes dont sell. When you ask an unrealistic price, it sets in motion a process that often works against you. ... If it is overpriced by as little as 5%, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart.
Your real estate agent may have approved or even suggested the inflated asking price to secure your listing. Conversely, other agents often use overpriced properties like yours to help sell their own listings ("Heres what they are asking. ... ")
"If you have a house that really should be priced at $200,000 and youve got it listed at $260,000, you are trying to compete against homes that really are worth close to $300,000 and all of a sudden your home really is not competing well," says Jeri Fisher of Jeri Fisher Real Estate in Missoula, Mont. "You want to compete with what is available out there among homes similar to yours. ...
"Price and condition are two things that the seller can do something about," says Fisher. ... "
Youre in a bad location
Nothing has a greater effect on your homes value than its location.
Approximate Word count = 1183
Approximate Pages = 4.7
(250 words per page double spaced)
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