The Dangers of Overpricing
Overpricing one's home prior to going on market almost always has negative ramifications for sellers: Across Bay Area markets, listings that require price reductions before selling consistently take much longer to sell and sell for significantly lower average values than homes priced correctly. The correct calculation of "fair market value" before going on market typically has large financial consequences.
Conversely, overpriced homes can provide opportunities for buyers who carefully track time on market and price reductions (as well as homes taken off the market without selling), and react accordingly. Such buyers will almost always face reduced competition from other buyers - often no competition, which generally eliminates any need for overbidding - and allows for more aggressive negotiation of the purchase price and terms of sale.
Petaluma CA 94952
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