Quote:
Originally Posted by Shag
Every homeowner thinks their house is worth more than it is. Market and comps nearly always dictate sale price, and is also what any buyer-rep realtor will use to advise their clients, as well. So, even if you price it higher, the comps will almost certainly drive the price back down.
Also, having a house sit on the market will further devalue it, and overpricing it initially could potentially hurt you.
Just things to keep in mind.
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thats a relative time frame though. if your house sits on the market for 8 - 10 months and is worth/priced around 1.5M (depending on location/market) thats vastly different than a house listed around 150k sitting on the market for that long. so yes it CAN be a negative to have a house sit on the market but so many factors go into it....time of year...regional market(is that location/area blowing up or is it on a down swing.
too many folks freak out when there home doesn't sell on the first day. also, some homes sit on the market because a seller wont negotiate.
That being said...being overpriced COULD hurt you. theres one of two outcomes when your overpriced.....#1 very little traffic #2 You get offers but based on your price they seem "lowball". you are spot on!