How Not to Sell a Home in Greenwich

How to sell a home is as important as how not to sell a home. 

Mark Pruner has some excellent advice in the Greenwich Sentinel: 

Presently, we have nine houses that have been listed on the GMLS for more 1,000 days and almost a fifth of our 438 listing have been on the market for more than a year; so what keeps houses from selling?

INITIAL PRICING: The biggest reason by far is over-pricing the house when first listed. The first two weeks of a listing is critical and if buyers think the house is overpriced they won’t even go see the house. Even if their agent recommends seeing the house, if what they see doesn’t match up with their idea of its value they will turn down the showing.

So why do owners over-price their houses? 

First, it’s just human nature; no one wants to leave money on the table if a buyer would have paid more, so why not take a flyer at a higher initial price. This hope and dream approach can set off a cascading list of issues that can easily leave the house on the market for a year or more and result in a sale price well below what they might have gotten.

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