| A House Priced Right the First Time... is Half Sold!
One common question asked by Buyers is "How long has this home been on the market?" Often times, Buyers assume that if a home has been on the market for a period of time, they can "get a deal" on purchasing the home. Another common belief is that there must be a problem with the home and this is why the home has not sold; this alone may discourage the potential Buyer's from even looking at the property or from even calling and inquiring about the property.
If a property is over-priced the first few weeks of the listing ... we often will lose out on Buyers who will not consider writing an offer due to the home being priced more than similar homes in the area. Also during the first few weeks of a listing, Buyers are likely to see your home at the high price and move on to another home writing an offer on another home. By the time a Seller is ready to reduce the list price to where the price should be the "hot buyer" has already purchased another home.
We can't stress enough how important it is to not go with an agent that offers to list the property at a much higher price than two or three other companies that have stated you should list your home around the same price. This could be extremely detrimental to you the seller in the long run and could mean a much longer time on the market even though it sounds good at the time.
If you are relocating to another area, this could really put you in a bind when the house hasn't sold in 6 months, you are paying for 2 mortgages, when you thought the house would sell in 2 months as "promised" by the agent that just told you what you wanted to hear at the time.