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Source: YouTube - Used under standard YouTube license terms.
 
Some unsuccessful sellers try to "test the waters" by pricing the house to high with the hopes that they'll find a buyer who's willing to pay more than the house is worth.
 
The worst mistake a seller can make is thinking that there is no harm in price reductions later on. This is a classic pitfall that can lead to actually getting less for the house than it was worth to begin with.
 
Sometimes price reductions are necessary, especially if your house isn't getting offers. But price reductions are a fall-back strategy, because they have drawbacks.
 
Price reductions can make a buyer think one of three thoughts:
  1. What's wrong with this house
  2. Let's wait to see if they lower it more
  3. Let's put in a low-ball offer to see how low they'll go.
If your house does sell after price reductions, it could actually be for much less than you would have gotten if you'd listened to the market.

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