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Bad Strategy for Home Sales

Monday, July 20, 2009 posted by Tommi Crow

 

Question:  What is the worst home selling strategy ever???

Answer:  “Let’s test the market”.   “Let’s throw it up for sale at a high, unrealistic price and just see what happens…”

Testing the market…whatever that really means is the worst idea, ever.  Buyer’s don’t live in a fantasy world.  And, if they did, their home buying fantasy is finding a mansion for $100.  

“Testing the market” by overpricing a property means that the listing loses its “honeymoon” period.  As a rule, properties receive more interest and more showings in the first 30 days, than they will ever see again.   Why?  Buyer’s who haven’t found the right home, rush to see new listings as soon as they appear on the market.  And, new buyer’s coming into the market always look at new listings first. 

If you overprice your home during the honeymoon, chances are high that it will sit on the market for a long time, eventually becoming a “stale” listing.   It is possible to stir up more interest later by substantially dropping the price, but seller’s can never again recreate the attention the property would have received, had it been priced right when it made its debut.

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