Most buyers aren't going to waste their time looking at overpriced homes when there are competitively priced homes on the market. The impression isn't "here's an optimistic owner who's willing to compromise," it's "here's an unrealistic seller who doesn't know what his or her home is worth."
Buyers choose the path of least resistance, and that path is viewing and writing offers on homes that are listed closer to the actual market value rather than looking at homes 10 percent or more above the market and hoping the seller's willing to come down to market price.
Don't make the mistake of trying to negotiate the offer before you have one by going high in anticipation of lower offers. It'll end up getting you less money in the end and you'll spend far more time trying to sell.
For the most part, buyers are looking for properties that they can actually afford, and they have already seen more expensive properties that they can't buy, so they probably will ignore yours, even though - as you say - they MAY be able to afford it!
All the best,
If you start high you'll loose many buyers if your not in the proper range your house should be in so if your motivation is to sell I suggest you sit down with a realtor and have A CMA done and see the price range for your home if you need any more help feel free to contact me
what happens when you list a home that's worth $400,000 for $500,000???
the short version: buyers that can afford a $400,00 to $425,000 will not find your home when they search and or even if the do, they will pass it buy because it's way over their price.
buyers that are looking for $500,00 to $550,000 homes will not fine your home worth the price compared to other homes selling for $500,000, So they'll pass it by.
so your home doesn't make it on anyone list of homes to consider.
The knowledge and experience of your Realtor is a valuable asset, so make use of it.
Agents are constantly growing their list of ready, nearly ready or watching buyers. We even have buyers who have identifed a specific street or community they will buy in, should an opportunity present itself. These buyers know the market value in a community and of course they all appreciate a deal.
Unfortuneately, unless you are working with a real estate professional, you do not have access to the four levels of buyers that exist befdore the MLS. If you do not have an agent, you won't even have access to the MLS buyers.
You would be well advised to abandon your 'feel around in the dark' aproach and price your home at market value. Rely on superior negotiations, tangible assets, risk aversion, and ease of purchase, to retain your equity.
How do you get them to look and make offers?
That's worth paying for.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL