If Your House’s Price Is Not Compelling, It’s Not Selling
Setting your home’s price too high might sound like a smart way to maximize your profit or leave room for negotiation, but it often backfires. In fact, Realtor.com reports that 20% of sellers — one in five — end up reducing their price to get their house sold. Here’s why overpricing can hurt your sale and how to avoid it.
Why Overpricing Is a Problem
It Pushes Buyers Away
With mortgage rates and home prices already stretching budgets, buyers are quick to skip over overpriced homes. They don’t think, “I’ll negotiate”; they think, “Next!” This reduces interest in your home, which means fewer showings and fewer chances to get offers. As the National Association of Realtors (NAR) explains:
“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers.”
It Makes Buyers Skeptical
Overpriced homes tend to sit on the market longer, which raises red flags for buyers. They might wonder if there’s a problem with the house or the seller. Even after a price cut, doubts can linger. According to U.S. News:
“A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”
Additionally, price reductions can make buyers question your home’s value, creating unnecessary challenges.
How To Price Your Home Right
The key to avoiding these pitfalls is simple: work with a knowledgeable local real estate agent.
Don’t just choose someone who agrees with your ideal price. Instead, look for an expert who will provide honest advice based on current market conditions.
Rely on real-time data. A skilled agent will use up-to-date market insights to recommend a price that attracts buyers, ensures your home gets noticed, and helps you achieve a great return.
Bottom Line
When it comes to pricing, remember: if it’s not compelling, it’s not selling. Avoid the mistake of overpricing by partnering with an experienced local agent who knows how to price your home right.
Let’s connect and make sure your house hits the market at the perfect price to sell quickly and successfully!
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.