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Dropping Your Price... Too Late

Later, when you drop your price, your house is "old news."
You will never be able to recapture that flurry of initial
activity you would have had with a realistic price. Your
house could take longer to sell.

Even if you successfully sell at an above market price,
your buyer will need a mortgage. The mortgage lender
requires an appraisal. If comparables sales for the last
six months and current market conditions do not support
your sales price, the house won`t appraise. Your deal
falls apart. Of course, you can always attempt to re-
negotiate the price, but only if the buyer is willing to
listen. Your house could go "back on the market."

Once your home has fallen out of escrow or sits on
the market awhile, it is harder to get a good offer.
Potential buyers will think you might be getting
desperate, so they will make lower offers. By over-
pricing your home in the beginning, you could actually
end up settling for a lower price than you would have
normally received.