"Research shows that when a house is overpriced upon the first day of its listing, and subsequently requires price reductions, it will take up to three times longer to sell that house. The additional time required to sell and overpriced listing can cause the property to become 'old news' in the eyes of a buyer which can result in a sales price lower than market value. Buyers are hesitant to make an offer on a home that others do not seem to want, and multiple price reductions are a strong indicator of other buyers' lack of interest for that property."
-Taken from The Group INC Real Estate Insider
Wynn Washle
Ph.D.,CRS
Broker Associate/Partner
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