It is not uncommon for a seller to want to list the asking price of their home somewhat higher figuring that it will give them a little “wiggle room” when a buyer makes an offer. In a seller’s market, that strategy might work but not in todays market.
The Wall Street Journal has published an article describing that in this Internet Marketing era, most buyers will shop what is fresh, and new listings get four (4) times the hits during the first week of the listing than the remainder of the time on market. Even an eventual price drop by a seller only gets a modest increase in activity.
When a buyer sees that a property has been on the market a long time (over 60 days) they assume that it is either priced too high and the seller is not willing to negotiate, or there is a property has some other problem that stands in the way of its sale.
The article draws no direct conclusion, but implies that to price a property that reflects current marketing conditions will lead to a quicker sale. As I tell all my clients, you can turn down an offer you don’t like, but you cannot negotiate on an offer you do not get.
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