This is from my Arizona Republic column:
Why do so many home sellers fail to get top dollar for their houses?
Often the cause is that the homes were priced too high to begin with. Sellers grab for more money but end up with less.
But wait . . . doesn’t it make sense to list your home at a price higher than the current market?
Unfortunately, no. Buyers and their Realtors will come armed with accurate price information. They’ll know what homes like yours have sold for and what comparable homes are selling for now. If you price your home too high, not only will it not sell, it will continue not selling after the price is reduced.
The article explores the reasons why a too-clever pricing strategy will back-fire, except in the most frenzied of seller’s markets.
It concludes with this advice: “Your best strategy is to price your home to the market. You’ll get the highest price you can reasonably expect in a timely fashion.”
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jf.sellsius says:
Gee, can my computer tell me how long I should hold out for my price? Or how much I should lower it?
September 26, 2006 — 6:59 am