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Overpricing
is probably the single biggest mistake a seller can make.
If you overprice your home, you may find that many
potential buyers…
…won't even look at your home because they think it's
out of their range.
…will try to make unreasonable offers assuming you are a
uninformed seller with no knowledge of real estate.
…will make offers on similar properties that are priced
properly (buyers usually shop by comparison).
…won't show up for the appointment.
Overpricing lengthens marketing time, and stats have shown
that the longer a home is on the market, the less it will
sell for. If
a buyer needs to finance the property, a appraisal will
probably be required, therefore it may be pointless to try
to sell a home for more than it is worth (many contracts
are conditioned on buyer obtaining a written loan
commitment).
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