Getting your house on the market is a chore. There are a lot of details and you’ve got to get them right. Among those details, though, setting your list price may be the most important. In fact, according to a new study, getting it wrong can cost you. The study, from the National Association of Realtors’ consumer website, found that homes that sell within the first four weeks sell for 1.8 percent more, while those that are on the market longer will likely have to cut their price. Joel Berner, the website’s senior economist, says four weeks is the barometer. “Today, an overpriced home doesn’t just sit – it gets stale, loses leverage, and sells for less than it would have if it had been priced right from the start,” Berner said. “Price it right and buyers come to you. Price it wrong and you’re chasing them. Four weeks in, the market has already delivered its verdict – you’ve either got competing offers or you’re about to cut your price.” (source)
