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1. Serious buyers look in the price range which has been predetermined by their down payment and monthly payment ability. Unless your property is priced correctly, the down payment and monthly payment requirements will not be competitive.
   
2. A buyer who is seriously looking soon becomes very knowledgeable in his range. An unreasonable asking price only discourages him from looking and considering your property.
   
3. Buyers purchase by comparison, and a property priced above the competition does not “compare” favorably. Inviting a buyer to make an offer could indicate that a fair price has not been established.
   
4. It is very difficult to obtain a reasonable offer on an overpriced property. The buyer feels he should be just as unreasonable in his offer as the seller is in his asking price.
   
5. By contrast, offers are much easier to obtain on a reasonably priced property. You can then choose which offer to accept with no obligation to one that does not meet your requirements.
   
6. It is a mistaken idea to think that you will get more for a property by asking more. You usually get less, because fewer buyers will consider it; the right buyers will not see it; and it usually stays on the market so long that it tends to become “shop worn”.
   
7. To obtain proper market exposure, it is an absolute necessity to be competitive in price, terms and condition, with similar properties that are selling in your area.
   
8. If you plan to adjust your price at the time of a sale, why not adjust the price now and attract serious buyers?

1. Recent Sales: Usually, but not always, recent sales are the most important factor. This is the information that appraisers will use when hired by a mortgage lender. Therefore, if your house sells for significantly more than similar properties have sold for recently, a buyer may have trouble getting a loan to buy your house. If this happens, you may have a serious buyer but your contract will likely fall through anyway.
   
2. Active Listings: This is also significant because these properties are your competition in selling your home. If there is an increase in the number of properties you are competing against, it will have a downward affect on your selling price even if recent sales show otherwise. Similarly, if you are competing against relatively few properties, you may be able to justify a higher price than recent sales data suggests.
   
3. Pending Sales: This shows properties that would have been your competition but are now under contract. While the ultimate selling price is not yet known, it does show the range of asking prices that were attractive enough to serious buyers to enter into a contract.
   
4. Expired Listings: These are properties that were listed with a real estate agent that did not sell. Almost always, the root cause for the failure to sell was that these properties were overpriced.

1. Serious buyers and their agents search for homes in the price range they can afford. The amount they can afford is based on the size of their down payment and the monthly payment their income can justify. An unreasonable asking price will discourage him or his agent from even looking at the property. This means that real estate agents will miss showing your property to potentially qualified buyers because your home is out of their clients' price range.
   
2. By overpricing and then inviting a buyer to make an offer the seller is signaling that he has not determined a fair price at which he would sell. In other words, it suggests that the seller is not serious about selling. The buyer, if he is to make an offer at all, feels that he should make an offer as unrealistically low as the seller's asking price is high.
   
3. Sellers often mistakenly think that they will get more for a property by setting a higher asking price. The fact is, those sellers often get less. Why? Because fewer buyers will consider the property and therefore the property usually sits on the market for a longer time. Over time, listings get "stale". Buyers and their agents start to think something is wrong with the property and the level of interest in the property drops even lower.
   
4. The greatest amount of activity that you will see is during the flurry of activity that occurs in the first two to three weeks of placing your home on the market. This is when buyer's agents actively working with serious buyers come to preview your house for their clients. If the price is right. If you have overpriced your property, fewer agents will preview your home. Remember, their job is to know the local market values. Their time is better spent previewing homes that are priced realistically. By the time you drop your price later on, your property is a stale listing. You will never be able to recapture that flurry of initial interest that you would have had with a realistic price.
   
5. Pricing your property higher than comparable listings may actually help sell another property more quickly than yours.
   
6. Even if you do successfully enter into a contract at an above-market price, your buyer will likely need a mortgage. The mortgage lender will require an appraisal. If comparable sales for the last six months and current market conditions do not support the contract price, the mortgage will not be approved and your buyer will have the right to cancel the contract. You can then attempt to renogotiate the price but most likely your house will go back on the market.
   
7. Once your contract falls through, potential buyers will think there is something wrong with the house (they'll wonder if it failed inspections) or they may then 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.