OVERPRICING:
Disadvantages
- Loses interested buyers
- Extends marketing time
- Attracts lower offers
- Reduces advertising response
Consequences
- Buyers are reluctant to make offers
- Competing properties become more attractive
- Property becomes overexposed
- Lack of buyer interest
- Seller loses best marketing time- first three weeks
CORRECT PRICING
Benefits
- Creates impression of comparatively good value
- Increase advertising response
- Stimulates buyer interest
- Achieves maximum exposure at optimum time
- Maintains seller negotiating advantage
Consequences
- Maximum price achieved
- Marketing period minimised
- Disappointment and haggling reduced
- Least disruption and fewer showhouses
