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::  The Dangers of Overpricing  ::

An asking price that is beyond market range can adversely affect the marketing of a property.
 
  • Fewer buyers are attracted, and fewer offers received.Timing Graph
  • Marketing time is prolonged, and initial marketing momentum is lost.
  • The property attracts “lookers” and helps competing houses look better by comparison.
  • If a property does sell above true market value, it may not appraise, and the buyers may not be able to secure a loan.
  • The property may eventually sell below market value.
Asking Price in Relationship to Fair Market Value
% of Prospective Purchasers Who Will Look at Property   Percent of Buyers Who Will View Property
Buyers Who Will View Graph
 

 

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