The very first contract received is often the best because it comes from a backlog of buyers who have been looking and are desperate to buy, and will offer the best price. These buyers have been waiting in the wings for this particular house, and their agents have been eagerly on top of the market, seeking this house. When an agent accepts an overpriced listing, as time goes by, the sellers lose confidence in the agent, blame the agent when the home is not sold, complain about poor salesmanship, failure to report to them often enough, complain about lack of advertising, not enough showings, and lack of concern on the agent's part. Lines of communication need to be kept open between the sellers and the agent at all times and re-evaluation of pricing should be done on a regular basis based on the amount of times the property has been shown and any feedback received from other real estate agents who have visited the property. Sellers may lose opportunities to buy another home or could incur additional costs when carrying two mortgages.
Sellers lose valuable time.
Time is wasted in preparing for showings. Families are separated needlessly when an out of town transfer is involved, and school openings are missed. Negotiations between buyers and sellers could result in withdrawn offers if the seller insists on this high price. Buyers may think the seller is not serious and does not want to sell his home. Buyers concentrate on objections and minimize good features of the home.