When selling your home, it's tempting to pass up the first offer from a potential buyer in hopes that higher offers may come. But the first offer can often be the best offer a seller receives, so it's wise not to take it for granted. This chart illustrates the reasons why this typically occurs.
Overpricing can occur in any real estate market and doing so will lead to diminishing returns
NEW BUYERS
⇒ Fresh and excited
⇒ Focused on value vs. price
SEASONED BUYERS
⇒ Seen it all, experienced, very particular
⇒ Focused on value vs. price
NEGOTIATORS
⇒ Focused on price
⇒ Want to negotiate
INVESTORS
⇒ Drawn to phrases: "Just reduced", "Must sell"
⇒ Looking to build/maximize property ROI
⇒ Strong negotiators