The Danger of Overpricing

When setting a price, why not ask for the moon?

Make no mistake, I want you to get the best possible price for your property. However, when a home is priced too high for the market:

1) It attracts lookers, not legitimate buyers.

2) It implies that you aren't motivated to sell.

3) It reduces the number of showings.

4) It helps the competition.

5) If it doesn't appraise at the higher price, a buyer may not be able to secure a loan.

6) You may ultimately have to drop your price below market value in order to sell.