Thinking of selling your home? Here’s what you need to know to avoid costly mistakes

In today’s housing market, I’ve been noticing a crucial mistake many sellers are making: overpricing their homes. This error often results in your property sitting on the market for too long, leading to frustrating price reductions that could have been avoided with the right strategy.

According to Realtor.com, the trend of homeowners needing to reduce their asking prices is increasing.

Thinking of selling your home? Here’s what you need to know to avoid costly mistakes:

Ignoring Current Market Conditions

Setting the right price starts with understanding today’s market conditions. If you’re basing your asking price on trends from the pandemic, you might be setting yourself up for disappointment. The market has evolved, and aligning your price with current realities is essential. As a real estate professional, I stay updated on these trends and can help ensure your pricing reflects today’s market (Realtor.com).

Basing Price on Desired Profit

Another common pitfall is pricing your home based on how much you want to make, rather than its true market value. Just because other homes in your neighborhood sold for top dollar doesn’t mean yours will too—especially if there are differences in size, condition, or features. Bankrate advises:

“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” (Bankrate).

I conduct a detailed comparative market analysis (CMA) to ensure your home is priced accurately against similar properties.

Pricing High for Negotiation Room

Some sellers think that pricing high will give them room to negotiate, but this can backfire. A price that’s too high can deter potential buyers from even considering your property. As 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” (U.S. News Real Estate).

Setting a fair price from the start attracts more buyers and generates competitive offers. I can help you find that sweet spot to get the most out of your sale.

Bottom Line

Overpricing your home can lead to missed opportunities and prolonged market presence. Working with a knowledgeable real estate agent can help you avoid these pitfalls and price your home strategically.

If you’re ready to make a move and want to ensure your home is priced right, let’s chat. Contact me today to set a price that will position your home for success!