Real Estate Agents pay MOST attention to homes newly on the market. There are fewer NEW listings than current listings. It is easier to keep an eye out for what is NEW, compared to the vast number of current listings.
If your house is overpriced, agents are going to show similar homes that are priced more attractively. Your listing will get passed over.
With agents looking at newly listed homes so aggressively, a properly priced home gets attention.
An overpriced home gets passed over.
You may be thinking, "But I'm willing to negotiate!"
Buyers are not thinking in advance about how much you are willing to negotiate. They are comparing your asking price to other asking prices.
Moreover, when your house is new on the market, you may not be willing to negotiate as much as you will later, once you have realized your error. Keep in mind that statistics show, quite often, the first offer is the best offer.
So what happens if you overprice in the beginning and get more realistic later?
You don't have all those important Buyer's Agents looking at your listing because it is no longer NEW. A price reduction later in the listing cycle often gets overlooked. It is just one of many listings, not one of a few new listings.
As time passes, you could actually become desperate to sell because you've accepted a new job or because you have already bought a new home. That is a recipe for receiving lowball offers, so you could end up selling for less than if you had priced the home correctly in the first place.
If your home is priced too high at the start, it will become stale and you will have to continually reduce it until it sells, generally for less than what it could have, had it been priced correctly from the start.
Experience is priceless when it comes to determining the market value of your home.
The seller sets the price of the home, but ultimately the buyer determines the value. The entire world revolves around the principle that any object is worth what a buyer will pay for it.
Pricing your home is not guesswork. It takes an experienced and qualified agent to help you determine the fair market value of your home.
Your home will sell within a range of what similar homes are selling for. Because every home is unique, yours will sell in either the high or low end of that range depending on its condition and other factors. You should receive a written, well-researched computerized market analysis to determine the realistic amount your home will bear in today’s market
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