Cara Ameer from Inman explains this well:
“This is one of the most common fallacies in real estate. Sellers want to protect their asking price so they think overpricing it is an effective defense mechanism against selling too low.
Newsflash: Overpricing your home often leads to the home sitting and not receiving much interest. If a home is priced competitively from the beginning, the chances of attracting optimal traffic from the beginning greatly increases.
As a follow-up to this myth, sellers often say “well, a buyer can always make an offer,” but the problem is that when you’ve overpriced it, buyers may not look at the home in the first place, let alone put an offer in. You have to entice with the price.”
Bottom line: Trust your Realtor and their expertise of the market! Ask the listing experts on our RHH Team Ryan Hanson at (218) 205-7351 and Kayla Kostrzewski-Ulschmid at (218) 234-9205 and they would love to help you achieve your best results possible!