Realtors often warn sellers about the danger of overpricing a house. Now they have evidence....
In a market where prices are declining, sellers who "test the market" with a high price usually end up with a lower price than those who price realistically. "Houses that are priced right are selling," said Jeffrey Otteau. "Over pricing extends days on the market and guarantees that you will sell your home for less in a declining market."
"You can't just try for a higher price because you really want it," he said. "The way to get a higher price is to create a sense of urgency by setting a lower price."
In a market where prices are declining, sellers who "test the market" with a high price usually end up with a lower price than those who price realistically. "Houses that are priced right are selling," said Jeffrey Otteau. "Over pricing extends days on the market and guarantees that you will sell your home for less in a declining market."
"You can't just try for a higher price because you really want it," he said. "The way to get a higher price is to create a sense of urgency by setting a lower price."
Excerpt from
Realty Check: Seller Tips
By Kathleen Lynn
November 4, 2007
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