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Later, when you drop your price, your
house is "old news." You will never be able to recapture that
flurry of initial activity you would have had with a realistic price.
Your house could take longer to sell.
Even if you do successfully sell at an
above market price, your buyer will need a mortgage. The mortgage lender
requires an appraisal. If comparable sales for the last six months and
current market conditions do not support your sales price, the house
wonât appraise. Your deal falls apart. Of course, you can always
attempt to renegotiate the price, but only if the buyer is willing to
listen. Your house could go "back on the market."
Once your home has fallen out of escrow
or sits on the market awhile, it is harder to get a good offer.
Potential buyers will think you might be getting desperate, so they will
make lower offers. By overpricing your home in the beginning, you could
actually end up settling for a lower price than you would have normally
received.
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