Beware of overpricing

Homes sell at a price a buyer is willing to pay and a seller is willing to accept. If a home is priced too low, priced under the competition, the seller should recieve multiple offers to drive up the price to market value. So there is little danger in pricing a home too low.  The danger lies in pricing it too high and selecting agent soley on opinion of value.

Here is a typical scenario when sellers pick the agent who advertises a higher list price.

Seller has been through 2 agents and the house has been on the market for

12 months. By the time the third agent was hired the seller had grown weary and exhausted. The original list price was $1,300,000 and by agent 2 dropped to $900,000. The seller and 3rd agent priced the home at $695,000.

It immediately sold for cash. The sad part is the comparable sales in the neighborhood fully justified a price of $835,000, but the home had been on the market for too long at the wrong price, and now the market had softened.