Overpriced property is one of the biggest downfalls in the property
market today. Houses stay on the market for up to 4 years before a
single offer is received and 9/10 times, it is the price that the agent
had recommended in the beginning. Here are a few pitfalls that
overpricing your property causes:
- Buyers are
reluctant to offer
- Continuous price
reductions
- House finally
sells below market value
- Discourages
potential buyers from viewing
- Best marketing
time is lost (first 3 weeks)
- Advertising
response reduced
- Seller gets lower
offers
- Buyers eliminate
the property based on price
- Competing
properties become more attractive
- Extends marketing
period
- Lack of Buyers
interest
- Property becomes
over-exposed