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Overpricing your Home may not be Good
- Time spent on the market and sales price compared with listing price are highly correlated. The longer a home is on the market before the home sells the greater the the discount from the original listing price.
- As the time on the market lengthens the difference between sales and listing price grows. For instance, for homes on the market for at least 17 weeks, the median sales to listing price was 90% with just 4% selling at the listing price.
- Buyer may think there is something wrong with the house if it has been on the market too long.
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