In your attempt to sell your house or any form of residential property in haste, there might be some important details you may forget. Most of the times, you might get too attached on the physical preparations of the house and neglect some other important preparation like the home price. This does not mean that you may forget putting price on the property, but it means that you may neglect to properly evaluate the property thus giving out inappropriate selling price.
As a consequence, your property might stand still in market for a period of time without even receiving any offers. And propertycluster has discussed some reasons on "why potential buyers do not make offers."
Guilt and Shame
A property posted with a high price would usually shun away most buyers, and some of these relatively interested buyers would not even care to contact you and make some offers in fear of insulting you. Yes, there are some potential buyers who are actually sensitive, they might think that by offering you a lower amount than the asking price might insult or embarrass you. On the other hand, they themselves are also shy on making low offers; they feel embarrassed by doing so.
False Assumption
Aside from embarrassment, most buyers according to propertycluster like to assume things. In particular, "buyers often assume that the homeowner knows that he has overpriced the house, and if he wanted to sell the house for less, he would have asked for a lower price." As a result of this false assumption, offers are likely to be scarce. That is why it would really be important to have your house checked for its value in order not to overprice and to be in the loop of the real estate market trend.
Misconceptions
Aside from false assumptions, most prospect buyers are shy on offering low amount; for they have already in mind that previous low offers were already turned down. Propertycluster shared that "potential homebuyers also have the misconception that the homeowner must have already turned down low offers from other potential buyers, as he must have received a few offers. The fact is that more often than not, homes that are overpriced do not get any offers."
