THE 12 FATAL MISTAKES SELLERS MAKE AND HOW TO AVOID THEM!!
THE 12 FATAL MISTAKES SELLERS MAKE AND HOW TO AVOID THEM....A SERIES....#2
Buyers seldom look at only one house, and often spend weeks and months comparison shopping. If your property is overpriced relative to your competition, the following unfavorable results may occur:
- Properties receive the best response when first listed. Overpriced property goes stale in the first few weeks on the market and later price reductions will not rekindle original interest.
- Overpriced properties will not be shown to prospects who would otherwise be interested if the property were competitively priced.
- Overpricing leads to additional time needed to sell property.
- When a property is on the market for an unusually long time, an offer finally received may be lower than if the property were priced competitively at the beginning. Buyers may feel the seller is becoming discouraged and will accept "any offer."
- Appraisers may have difficulty justifying the price and lenders are often reluctant to give loan commitment for property that has sold for substantially more than a comparable sold property.
This mistake works in conjunction with "testing the market." This chart shows how well-priced homes generate buyer excitement. The most agent and buyer enthusiasm occurs during the first 4 to 5 weeks on the market.
If you want to test the market and price high, you will likely end up losing money in the long run because of this phenomenon. Agents and buyers become nervous about homes that sit on the market for too long and will likely make lower offers than they might have earlier in the listing period.
Check Back Tomorrow for the 3RD Biggest Mistake Sellers Make in Today's Atlanta Real Estate Market!!!!!
****Here's a recap of Mistake #1!****