Myth 5 – Overpricing my propery is a great strategy

This may sound like a genius plan – I can overprice my property so that I have room to drop in negotiations. In the words of an Aussie Icon “you’re dreaming”.

In this market buyers are more educated and astute then they have ever been. With a few taps people are able to access all the information they need on your property, there are also more people studying the local property section of the news paper and getting out and about to open homes. This means that you are dealing with buyers who have a true understanding of value in the local market.

“Correct pricing strategy = best possible outcome in the shortest amount of time”

Overpricing will ostracise potential buyers who will simply skip past your listing. The educated buyer will move onto another opportunity if they feel your home is overpriced. I have also experienced buyers who have insisted on over pricing their property sabotage their sale as their home stays on the market too long and becomes stale. This also deters buyers who will assume there may be something wrong with the property. This is not an unsalvageable situation for an experienced agent, but will ultimately require a new strategy.

In order to achieve the real “dream” sale the best strategy is to use the correct agent who has an intimate knowledge of the area. A local area expert can advise you of the best price strategy for your property to reflect true value and attract buyers. A correctly priced home is part of a winning marketing strategy and will lead to the best possible outcome for your sale.

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