The Biggest Mistake to Avoid When Selling Your Home: Overpricing
If you’re planning to sell your house this year, there’s one major mistake you need to steer clear of: setting your asking price too high. While it might seem like overpricing gives you room to negotiate or increases your potential profit, the reality is, it often backfires—leading to longer market times and lower offers.
According to Realtor.com, nearly 20% of sellers—that’s one in five—end up reducing their price to attract buyers. Avoid being part of that statistic by understanding why pricing your home correctly from the start is crucial.
Why Overpricing Can Hurt Your Sale
1. Overpricing Drives Buyers Away
In today’s market, with rising mortgage rates and high home prices, buyers are stretching their budgets. When they see an overpriced home, they’re unlikely to think of negotiating. Instead, they’ll move on to better-priced options that offer greater value.
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 . . .”
If potential buyers skip over your listing, fewer showings mean fewer chances to receive offers, ultimately delaying your sale and causing frustration.
2. The Longer It Sits, the More Doubts Arise
When a home lingers on the market, it raises concerns among buyers. They may wonder if there’s something wrong with the property or if the seller is difficult to work with. Even if the only issue is the price, prolonged market time can damage your home’s perceived value.
U.S. News highlights this by stating:
“Setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . 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, once you reduce the price, buyers may see it as a red flag, assuming there are hidden issues with the property.
How To Price Your Home Right
So, how do you avoid these pitfalls? The key is simple: partner with a knowledgeable local real estate agent who understands your market and can provide expert pricing guidance.
A great agent won’t just agree with your suggested price—they’ll use real-time market data, recent sales, and buyer demand trends to recommend a price that attracts attention, generates offers, and helps you achieve the best return.
By working with an experienced agent who has successfully sold homes in your area, you can:
- Set a competitive yet realistic price.
- Maximize buyer interest from day one.
- Avoid unnecessary price reductions and prolonged market times.
Bottom Line
If the price isn’t right, your home won’t sell. Instead of aiming too high and risking lost opportunities, work with a trusted local agent who knows how to strategically price your home to sell quickly and profitably.
Ready to price your home right and attract serious buyers? Connect with a real estate professional today to get started.