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This
is real estate suicide! The problem is, so many people
do it! Many times, a seller will interview several brokers
and choose the one who gives them the highest listing
price. Other times, it is the seller who insists that
his/her home is worth a certain amount.
Either
way, an overpriced listing eliminates qualified buyers.
The buyers who can afford the inflated amount will see
much more value in a similarly priced home that is priced
the way it should be. After awhile, buyers wonder what
is wrong with a house that has been sitting around for
so long. Why hasn't anyone bought it? You then will have
to deal with reducing the price once, twice or maybe more
until you get to the price it should have been the first
time.
Unfortunately,
you will have lost valuable time and possibly missed the
peak buying season. Your house will become one of the
"leftovers". Not only will it take longer to sell, you
could end up with less money than if you had priced it
right from the beginning.
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