This is part two of a five part series on pricing your home and pitfalls to avoid.
The Pitfall of Over-Pricing
Most sellers think it’s okay to start a little high, because who knows you might get it. Or “We want to leave some room to negotiate.” While you can always lower your inflated price, you will sacrifice a lot in the long run. The most obvious potential pitfall is that your house may stay on the market longer, or worse you may find “the one” and be unable to buy it, or buy it and be stuck with two mortgages.
Continually lowering your price runs the risk of turning buyers off, and wondering what’s wrong with the house.
In the past year 38% of homes sold in Harrisonburg and Rockingham County sold in less than 30 days. However of the active listings, only 20% have been on the market less than 30 days. So 20% of the listings make up 38% of the market.