Just how important a factor is overpricing when selling a home?
Buyers buy homes by comparison. The average buyer is no slouch. He’ll shop a particular neighborhood and home type. He’ll rarely buy the first one he visits. It’s too big an investment to be nonchalant. He will then compare prices against comparative value. He’ll quickly throw out any obviously overpriced homes. If the buyer really likes an overpriced home, he may make a counter offer at a lower price — closer to its true value. Historically, the buyer probably will make his offer for one properly valued. Overpricing will hurt a sale.
