Daring or dangerous?

Natually, everyone wants to get the best possible price for the sale of their home.  But if you start out with a high sales price, then have to drop it later -- your house becomes "old news".  It will be difficult to recapture that new-to-market frenzy of interest you might have had with a more realistic price.  As a result, your house could take longer to sell...much longer!  

If you are able to successfully negotiate the sale of your home at a price above market value, remember that the prospective buyer will need to get a mortgage loan. The mortgage lender will require an appraisal and if comparable home sales over the last six months and current market conditions do not support your sales price, the buyer will not get the loan and your deal will ultimately fall apart.  As a result, your house will have to go back on the market.

If your home has been taken off the market and comes back on again, or if it sits on the market too long, it becomes harder to get a decent offer. Prospective buyers will believe that you might be feeling the pressure to sell quickly and, as a consequence, will make lower offers. The irony is that overpricing your home at the onset may end up giving you a lower price than you might normally have received if your home was appropriately priced in the beginning.

The best way to establish your selling price is to take advantage of your REALTOR's experience and establish the right price in the beginning.  You may also get a professional appraisal of your home before placing it on the market for sale.  In the long run, these options always work better than trying to force a high sales price.

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