One of the very first questions buyers ask when looking at a prospective home is "How long has it been on the market?". Buyers are leery of homes that have sat on the market too long. They are thinking "What's wrong with this house?" or "The seller is unrealistic about their asking price." Buyers want to have confidence in their buying decision.
Many sellers think their best opportunity to get the most money for their property is start out high and leave room to negotiate with the buyer. This is a faulty strategy because most motivated buyers (buyers willing to pay the most) are working with real estate agents that will supply them with a list of homes and they will educate the buyers as to which homes are priced above the market. Your property will be overlooked and the best buyer for your house may not even get through the front door.
To avoid having to chase the market by reducing your asking price, it's important to consult your real estate agent on the best pricing strategy to maximize your sale price and keep your property from languishing on the market. Overpricing your property can cost you money.
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