Remember the Price is Right...

N.J. appraiser finds 'test pricing' doesn't work

By KATHLEEN LYNN
The Hackensack Record

HACKENSACK, N.J. - Realtors often warn sellers about the danger of overpricing a house. Now they have evidence to show skeptical clients: research by Jeffrey Otteau, a New Jersey appraiser.
Otteau found that in a market where prices are declining, sellers who "test the market" with a high price usually end up with a lower price than those who price realistically.
"Houses that are priced right are selling," said Otteau. "Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market."....continue