If you're planning to sell your home, there's a major mistake you need to avoid: setting the price too high. You might think that by asking for a higher price, you'll have room for negotiation and can make a larger profit, but in reality, it often leads to the opposite outcome. This is backed by statistics.
In fact, according to Realtor.com, nearly 20% of sellers—about one in five—have to lower their asking price in order to sell. Starting too high can create problems, so let's look at how to avoid this.
Too high a price scares off buyers
Given current mortgage rates and home prices, buyers are already stretching their budgets to make a move. When they see a home with an inflated price, they don't think, "I can negotiate this down," but instead think, "Next," and skip the property entirely. According to the National Association of Realtors, some sellers set their prices higher because they think they can always come down, but this can actually drive serious buyers away.
The longer the home stays on the market, the more doubts buyers have
A home priced too high will linger on the market longer. And the longer it sits, the more buyers begin to wonder what’s wrong with it. Is there something wrong with the house itself? Is it difficult to work with the seller? Even if the issues aren’t related to the home itself, the extended time on the market creates doubts. According to U.S. News, setting an unrealistically high price from the start, thinking you can always lower it later, doesn’t work in real estate. Homes that are overpriced initially tend to stay on the market longer, even after the price is reduced, because buyers assume there must be an issue.
The key to pricing your home correctly
The key to avoiding all these issues is simple: work with a local real estate agent who knows the market inside and out and can honestly advise you on how to price your home.
You want to partner with an expert who is not just focused on hitting a specific number but is committed to getting you the best possible outcome. A good agent will use real-time data from the local market to suggest a price that attracts attention, draws in buyers, and still allows you to make a good profit. The agent you want to work with is someone experienced and proven.
Again, if your price isn't attractive, your home won’t sell. Instead of overpricing and scaring off potential buyers, it’s important to work with a local agent who knows the right price to set, so your home can hit the market at an appealing price and attract attention quickly.
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