But overpricing it beyond the point of viability is as good as not putting it on the market at all. Place a competitive price on your house that can still be negotiated on. The following are some of the reasons why overpricing is such a bad idea.
- Most activity on a new house on the market comes within the first 30 days. To have a price tag on the house that is unreasonable could discourage buyers from making an offer.
- Some qualified buyers may not even come to look at your house because they know they can get as large or even larger house at that price with a more reasonable seller.
- You may have a time constraint that requires you to be able to close the purchase of your next home by a certain date. If the initial asking price of your current home is too high, only a hefty price reduction may help sell your home. You will have to make this painful decision after your house fails to get an offer within a reasonable time. If that does not work you may even end up losing the house you had planned to buy because you did not get the money from the sale of your current home as you had planned!
