Why won't someone at least make an offer?
So we're back on the proper pricing subject again? Hey, we're just trying to give you the real scoop! When pricing your home, don't think that if you overprice your home someone will still want to buy your home and be willing to make a low offer.
Most buyers are a conservative bunch. They are often uncomfortable with the low offer. They have reservations for many reasons. The most often stated reason for not making an offer on an overpriced home is: "I'm going to wait and see if the price comes down". But why wouldn't they just make a lower offer? There simply is no reason to rush into a home that is clearly overpriced. Chances are that it will still be sitting on the market in 4 weeks, maybe a couple months or even more. There is no reason for a buyer to feel a sense of urgency, plus: something else will come on the market that may be better.
Another very important reason is that if you can't get the price right, can they? They will be thinking "what should the price be?"
Lastly, the right buyer for an overpriced home will simply not see it. It will be priced outside of their criteria price range so it will never turn up in their searches and they will never get the opportunity to consider it.