Testing the market can hurt
If it's not priced to sell, chances are it won't . . .
Are you committed to getting your home sold?
Occassionally we run across homeowners that may not be serious about selling their home but have decided that "if I can get my price, I'll sell it." This is all well and good if "my price" is in the ballpark. But if they know that they are seeking an artificially high price with the hopes that someone will take interest, they are simply "testing the market".
Chances are that this will not lead to a positive outcome. Ignoring all the data that is available to the buying public and placing an artifically high price on a home will not get it sold. It will create frustration for the homeowner, waste time for buyers and buyers agents, and put an unnecessary burden and expense on a listing agent.
Often times homeowners who are testing the market with an artifically high price are expecting that at the very least someone will make a lower offer. Don't bet on it! This is bad advice. Because of an artificially high price, you will be competing with better homes that are priced correctly. Buyers will see this and they will simply pass on your home. Because buyers generally search within a price range, if you're not in the proper price range for your home, you will not be seen by the right group of buyers.
Buyers agents that represent the vast majority of home buyers work every day in the market and understand house/condo values. If your home is overpriced, the buyers agent will more than likely point this out to their client.
So after "testing" the market, let's just say you've been on the market for 90+ days. Your home now has excessive "days on market" and the buying public will begin to think something is wrong with the home. "If no one else wants it why would I?" Also, agents have seen the home and are more likely to just pass it over and look for newer listings to show their clients. And lastly, you are inviting low-ball offers.
This will not be a positive experience!
