402187Some sellers think pricing their home above what it is worth is a good idea. What could go wrong?

  • A high listing price doesn’t deter buyers because price is negotiable, right?Fuhgeddaboutdit. Buyers are savvy. They know what comparable homes are worth and what they’re selling for at year-end. They might see your home listing online (if it isn’t priced out of their search-price range), but based on its specs, location and price, might simply skip viewing it. And, if buyers don’t tour your home in person, they’re not going to buy it.
  • If buyers don’t like the price, they’ll simply offer less and we’ll still be successful in selling our home.Fuhgeddaboutdit. Buyers often aren’t comfortable offering significantly less than asking price. They are more likely to move on with their money and find another home that is priced reasonably. After all, why offer to buy a home you can’t afford? Others might think they’re wasting everybody’s time bottom-fishing with a huge price reduction.
  • When setting our listing price, we have to clear a specific amount of cash from our home sale.Fuhgeddaboutdit. Buyers don’t care what you need to clear in your home sale. They are focused entirely on your home and what it is worth today—and only today—in the current real estate market. Setting an asking price based on how much you’ve put into the house, how much you need to buy your new home, or what you feel your home is worth doesn’t work with today’s buyers. After all, buyers and the market set market value, not sellers’ hopes.