Sellers can ask for all they want, but …
The initial listing price of your Orange County home is the most significant factor affecting both the final selling price and the number of days before your home is sold.
As these both charts show, 60% of all buyers purchase homes at market value. In addition, the majority number of buyers will view your home in the two to three weeks following its appearance into the market (MLS) as an active status.
This is due to the simple fact that buyers’ agents are checking the new listings daily, hoping to find the perfect home for their buyer clients. When yours comes on the market and looks like a good fit for a current client, they’ll schedule a showing appointment immediately. Serious buyer’s agent try to show them the property the same day … if it is feasible.
If your home is priced at market value, you will certainly get offers immediately. If it’s over priced, it will go to the bottom of their list.
Unfortunately, even if you begin gradually lowering your price and finally reach market value, that initial entry to the market will affect the number of showings you get and your final selling price. Buyers are aware of the DOM (Days on the Market and CDOM (Cumulative days on the market) Smart buyers always notice before seeing a home is “For how long has it been on the market?” If DOM or CDOM number is too high, they assume there’s something wrong with the house and obviously don’t want to see it.
The Conclusion is … Homes listed over market value often sell for BELOW market value.