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  Dropping Your Price

Dropping Your Price

If you start out with a high sales price, then drop it later -- your house
is "old news." You will never be able to recapture that flurry of initial
activity you would have had with a realistic price. Your house could
take longer to sell.

Even if you do successfully sell at an above market price to an
uninformed buyer, your buyer will need a mortgage. The mortgage
lender requires an appraisal. If comparable sales for the last six
months and current market conditions do not support your sales price,
the house won’t appraise. Your deal falls apart. Of course, you can
always attempt to renegotiate the price, but only if the buyer is willing
to listen.

Your house could go "back on the market."

Once your home has fallen out of escrow or sits on the market awhile,
it is harder to get a good offer. Potential buyers will think you might be
getting desperate, so they will make lower offers. By overpricing your
home in the beginning, you could actually end up settling for a lower
price than you would have normally received.

copyright 2000 by Terry Light and RealEstate ABC, revised 2002

 

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