Get Real About Pricing

Have you ever heard of "Price Denial Syndrome?"

It's a real estate term that refers to a troublesome condition that afflicts sellers having a hard time facing the realities of today's market. Of course it's difficult to make a pricing concession, but an overpriced home simply will not sell.

The sellers might argue that they really need the money, but then they have to ask themselves what they'll do for money if the home doesn't sell. Maybe they figure that they can shoot for the moon now and reduce the price later if they must.

We can't say it too often, the longer a property remains unsold, the more likely it is that even more price reductions will follow. Then it's taken even longer to get a sale at a lower price.

Some sellers might suggest trying a higher price just for the first two weeks, but that's when the interest of serious purchasers is always greatest, i.e. when the property first comes on the market. Those purchasers usually look within a certain range, and generally won't even make an offer at all on an overpriced property.

Most importantly, if the sellers need to buy another home, time is of the essence.

* Your Leading Bahamas Real Estate Source.