listing price is based on an imprudent decision, it could work against you, backfiring in ways that damage the entire sales process. So, you'll need to research the market's workings rather than rely on your intuition and gut feeling. Consider the following: Marking down is one popular strategy that many sellers eventually resort to. The process can be understood as follows: naturally, every owner will want to make as much profit as possible by selling their house. Therefore, most sellers prefer to quote a first listing price that is considerably higher than the existing market trend in the hopes that they can sell it off for a great price to an undiscerning buyer. When this fails during the negotiation process or delays where there is no interest in the overpriced house, the seller will have no choice but to lower their price—probably more than once. Though there is a chance of selling the property for more value if the buyer is oblivious, this strategy is generally unsuccessful. For instance, if a property has not sold within 30 days of listing, then future buyers might be apprehensive, thinking there could be something wrong with the property. Moreover, once you’ve lowered the price, some buyers will be inclined to believe that—if you were prepared to lower the price before—they can continue bargaining as much as possible to land a much lower cost than you would like. This strategy has a good chance of backfiring and hurting you in the long run. This is one reason you must calculate the first listing price to align with market trends and sell your property faster. Starting at a reasonable price might prevent you from having a chance at a windfall. Still, the odds of pulling that off are slim at best, and if and when you fail, you will find yourself with a house that spends too long on the market, with a history of lowering prices and a skeptical, opportunistic set of customers.
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