Why it's not a good idea to set the price too high

If you go on the market with an asking price that is too high, potential buyers may avoid the property and not arrange viewings.

This is because prospective buyers know the market and its prices very well. On average, they spend more than a year looking for a new home. The Internet also contributes to the fact that real estate prices, broken down into districts and neighborhoods, are very transparent. Almost all real estate portals also show searchers average prices and rents and how these have developed over the past few months.

If offers are too high, the price often has to be adjusted downwards during the sales process. The bad thing is that many prospective buyers are aware of this because they have set up a notification service on the major real estate portals according to their search criteria. This service automatically informs them by e-mail when a new offer that meets their search criteria has been placed online or a price adjustment has been made. In their eyes, the overvalued property will eventually appear to be a slow seller, and they may speculate that the price will fall further. This is an unsatisfactory situation for the seller: the brokerage time drags on for several months, and the actual sales price achieved at the end of the day is often below the market value.

As a seller, don't let yourself be taken in by an estate agent who promises you an exceptionally high sale price. They are often interested in getting you to broker your property. In the following months, he will then have to adjust his offer price downwards - with the above-mentioned consequences.

Property owners should therefore base the sale on the market value of their property. If the property is in high demand, prospective buyers often start offering more for the four walls on their own initiative. The owner can then consider starting a bidding process together with an experienced estate agent.

Are you unable to find interested parties for your property and believe that this could be because the price is too high? We will determine the right sales price for you.

Photo: KittisakJira