Eventually market interest in the overpriced property completely declines. As this stage is reached, the seller becomes desperate and he beings to feel he would sell at any price. In the meantime, he or she must bear maintenance and holding costs. The net result is that the seller gets much less than he could have if the house was correctly priced in the first place. Both agents and buyers show enhanced enthusiasm in a competitively priced home.
Agents like to talk about and show such houses with interest.
Prospects are shown competitively priced houses with the intention of buying, not merely to compare with the other realistically priced houses in the neighborhood. Experience shows that a competitively priced house will sell much faster than those, which are overpriced will. Competitively priced homes rarely end up in expired listings. Generally, the higher the initial price, the lower the actual sales price. Statistically, a house that sells in the first 30 days will bring the highest sales price and that amount will decrease as time passes.