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The Number One Mistake Sellers Are Making: Overpricing Their House
Dated: August 21 2024
Views: 175
In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. When that happens, the homeowner may have to drop the asking price to re-ignite buyer interest.
Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below):
If you’re considering making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.
Not Paying Attention To Current Market Conditions
Understanding current market conditions is critical to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so aligning your price with today’s reality is far better.
Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.
Pricing It Based on What You Want To Make (Not What It’s Worth)
Another area for improvement is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar, and assume yours can do the same. However, you may not consider size, condition, and features differences. For example, that other house is waterfront or has a finished basement. To sum it up, Bankrate explains:
“How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”
An agent will perform a comparative market analysis (CMA) to compare your house with truly similar properties and accurately assess its price.
Pricing High to Leave Room for Negotiation
Another common yet misguided strategy is to price your house high on purpose so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So, rather than leaving room for negotiation, what you’ll be doing is turning buyers away. U.S. News Real Estate explains:
“You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”
An agent can help you set a fair price that attracts buyers and encourages more competitive offers.
Bottom Line
Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing.
Let’s connect to avoid making a pricing mistake that’ll cost you.
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The information and opinions expressed in this article are not intended to be construed as investment advice. Robert Paul, P.A., does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making investment decisions. Robert Paul, P.A., will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Robert Paul, PA
"I'm here to empower YOU to make confident and impactful decisions." Serving both buyers and sellers, I specialize in assisting those relocating to the Sarasota area or those seeking a second home in ....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on September 20, 2026 9:30 PM UTC
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