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How to avoid Overpricing

September 14, 2012

Home sellers are often tempted to overprice their properties in order to ‘test the market’ and then ‘negotiate down’ to get the most money. But this strategy is counter-productive. It can actually scare away qualified buyers and cause your home to linger on the market and eventually expose you to low-balling bargain hunters.
The best strategy is to price your home competitively from the start. First check comparable sales in your area. Not only will buyers know the true market value of your home, but appraisers will too, and they play a big role in how much money the buyer’s lender will approve.
Most home buyers do their initial house hunting online and price is the first thing they check. Make sure your home is priced competitively and looks good in your photos.
When in doubt, go low. A lower priced home invites multiple offers and gives you room to negotiate for more money. Ask your REALTOR® to help you find your home’s true market value.

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