In this Episode We’ll Answer The Question: How Does The Wrong Asking Price Hurt Me?
a. You’re Prohibiting Buyers!
b. You’re Lengthening Days On The Market. Statistically homes sell for less the longer they sit on the market–think of days on market as ACID for you equity
c. You Can’t “Give It Away”! Look at any home that was listed at an aggressive price and chances are there was a bidding war. By contrast, look at any home that was listed over market and chances are it suffered from long days on market and multiple price reductions.
To summarize the key point: When you have the wrong asking price on your property you are the cause of negative market forces that include scaring away real buyers, and lengthening your process and risking going stale.
Remember, time on market is like acid for your equity. Pricing your property correctly from the start makes you a smart, savvy seller and not somebody trying to hurt themselves by giving your property away.
The reality is that having a great house at a great price increases the probability that you will receive multiple offers—which is the best way to get the highest possible price, and the most favorable terms for you.