buyers will pass you by because the home is out of their price range. By the time you decide to lower the price, they will have moved on to other properties. As your home sits on the market, buyers will wonder why the home hasn’t sold, concluding that it is undesirable in some way, and passing it by without a second glance. Price correctly from the start to generate interest and gain attention from buyers to sell faster. Unrealistic pricing costs you more money in the long run. Even if you are not in a hurry to sell, it is not a wise move to “test” the market by listing your home at a high price to see how it goes. Serious home shoppers may take months to find a new home, so they are continually looking for new listings, not ones that have been sitting on the market. Thinking that the market will turn in your favor may not prove reliable either. If prices in your area end up dropping instead of rising, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money. TESTING THE MARKET WITH A HIGH PRICE
PRICE DROPPING
Another pricing trap to avoid is insisting on a high price for your home far above other homes in the area. If your home does not sell after three months, you might decide to lower the price. That is okay in a stable or increasing market, but if
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