Common perceptions dictate, that if a home doesn’t sell, there must be something wrong with it. That’s a true statement. In a market that is moving, there is something wrong with a home that doesn’t sell. But contrary to popular belief, it’s not always location or condition.
It could be that you’ve chosen the wrong estate agent. Not just because their marketing strategy is ineffective, but more likely due to the fact they’ve given you the wrong advice; Price.
Why Buyers Don’t Make Offers on Overpriced Listings:
1. Buyers don’t want to offend the seller. It goes against human nature to offer substantially less than the asking price to a seller. It’s insulting to the seller and embarrassing for the buyer.
2. Buyers tend to believe that the seller knows the home is overpriced. They then believe that if a seller would be willing to sell for less, the seller would simply lower the price.
3. Buyers also assume that the seller must have turned down lower offers from other buyers because surely someone, somewhere would have offered a reasonable price to the seller. Many times, there are no offers at all.
4. Most importantly – buyers are offering on the “more competitively priced” properties available, surrounding the overpriced home INSTEAD!
How Mount & Minster get the best price for our selling clients:
We spend every day studying local markets and have found that our carefully organised viewing structure is very effective and our guide price strategy get the attention a property deserves, often selling for a higher price. After-all, the value of the property is what someone is willing to pay for it. If someone really falls in love with it, they’ll pay what they think it’s worth to them. If this is more than the guide price, so be it!!
Go too high from the start, you’ll burn your bridges and go stale. There’s a good chance it will eventually sell, but for less than what it should have gone on the market for originally.