Dangers of Overpricing your home in todays market

I just wanted to share with everyone why it is more important now than ever before to price your homes according to what the market will bear versus trying to add even an additional $10,000 to the Sale Price that your Realtor suggests. The first issue is that the consumer in 2008 has an awful lot of information at their finger tips. They can do an awful lot of research on their own and with their Buyers Agent prior to even physically walking into a home. The reason that this is important is that with inventory at all time highs if your home is overpriced and other comparable properties are not, your home may never even have someone walk in and give it a chance. They can look at 15 to 20 properties prior to yours and with them going into so many houses there is a good chance they will fall in love with one of those houses without even ever stepping foot in your home. Secondly, as time goes by Sellers have to deal with a perception that their must be something wrong with the home if it has not Sold. Unfortunately, in many cases that is the furthest thing from the truth, but remember, perception is reality for the consumers. It is up to their Real Estate Agent at that time to make Buyers understand this. I tell the Buyers that I am working with to try and not analyze the Days on Market of a home to much for this exact reason. If it is a home that is in a price range, location etc. that you desire then we should at least give it a chance. There are so many other reasons not to overprice your home. Like always, if you have any questions or concerns, please feel free to email me or give me a call any time. Thank you for visiting my BLOG. Bryan Perreira : )