Some homeowners have strange techniques for setting a market price on their homes. Here is one of the strangest:
A couple was anxious to sell their home and retire to the Sunbelt. They established a minimum income they would need to live comfortably, which included renting a vacation home up north during the summers. Once this figure was determined, they set a price on their house that together with savings and Social Security would provide the annual income they would need for their plans. The results were predictable. There were no takers. The price was perfect for the income they needed, but way higher than the true market value of their home.
Overpricing is one of the most serious and costly mistakes you can make when selling a home. It will eventually sell — but for a lower price than it would have brought originally had it been priced realistically. Let a Realtor help you set the right selling price.