If you choose a high starting price and gradually reduce it over time - you can be sure that buyers are going to notice. Even worse, they'll wonder why the property has been sitting on the market for so long. Considered from a buyer's viewpoint, would you be in a hurry to buy a home that's been sitting on the market for 180 days? As stated by the RE/MAX article, "You want your home to appear like a deal, not cheapened goods."
RE/MAX Housing Blog tips for setting a realistic price:
- Do your due diligence. What have houses like yours sold for when the deal was made in a reasonable time? And what were the original prices of those homes?
- Have an honest discussion with your real estate agent. He or she knows the area, and wants to sell your home as quickly as possible for the most competitive price. What does he or she think is reasonable?
- Be an assertive seller, but don’t overplay your hand. Remember, the little extra money you hold out for may not be worth the six months or year of mortgage payments you’re stuck paying in the meantime!