1) The Price Was Too High
Have you ever heard this quote before?: “You know what your home is worth? Whatever someone is willing to pay for it – no more, no less.”
Overpricing a home is the WORST mistake a homeowner can make when selling their home. Research shows that initially overpricing a home and then dropping the price multiple times while on the market typically leads to selling it at a much lower price. Many times, lowering the price much later causes a loss in the momentum of the initial listing period. The longer a home sits on the market, buyers will assume there’s something wrong with the home Or that they can haggle a substantial discount off the list price.
If your home is on the market and you suspect that it may be overpriced...the best strategy is to adjust the price within the first 14 days of listing.
The Real Estate Agent who provides the best Comparative Market Analysis and explanation of how your home should be priced will be more likely to sell your home quicker and for a higher price than someone who tells you only what you want to hear.