Agent

Overpricing a home could lead to no sale

Sellers need to stay on top of rapidly changing markets

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Overpriced home listings usually don't sell in any market. In today's market, there's no margin for error when selecting a list price. If your price is too high, the market can literally pass you by. Many sellers ask: What's the harm in pricing high initially? You can always come down. While this is true enough, you may end up with a lower selling price if you start too high to begin with, particularly if the market is declining. Today's real estate market is generally balanced, although there have been modest declines in median sales price in some areas. Prices are still going up in areas with low inventory and high demand, but the appreciation rate in these areas is slower than it has been in recent years. Given today's market conditions, buyers are more cautious about home purchases than they were last year. They are looking for value. A high price sends a message that you are out of touch with the market. Making an offer takes a lot of time and energy. Most buyers aren't willing...