What is the primary risk associated with overpricing a property?

The primary risk associated with overpricing a property is that the client's expectations may not be achieved. When a property is priced too high, it can deter potential buyers and result in the property sitting on the market for an extended period. This extended time can lead to price reductions, which can further impact the seller's confidence and expectations regarding the sale price.

Overpricing can create a disconnect between the seller's perceived value of their property and the actual market conditions. As time passes without offers, sellers may become increasingly frustrated or anxious, which can inhibit their ability to negotiate effectively when they do receive interest. Ultimately, the seller may find themselves not achieving the desired sale price or not selling at all, leading to dissatisfaction. This scenario highlights the importance of pricing a property accurately from the start to align expectations with market realities.