Overpriced property is one of the biggest downfalls in the property market today. Houses stay on the market for up to 4 years before a single offer is received and 9/10 times, it is the price that the agent had recommended in the beginning. Here are a few pitfalls that overpricing your property causes:

•     Buyers are reluctant to offer
•     Continuous price reductions
•     House finally sells below market value
•     Discourages potential buyers from viewing
•     Best marketing time is lost (first 3 weeks)
•     Advertising response reduced
•     Seller gets lower offers
•     Buyers eliminate the property based on price
•     Competing properties become more attractive
•     Extends marketing period
•     Lack of Buyers interest
•     Property becomes over-exposed