The 3 Things You Risk by Pricing Too High

When selling your house, the price you choose isnt just a number, it's a strategy. And in todays market, that strategy needs to be sharp.

The number of homes for sale is climbing. And that means buyers have more choices and can be more selective. If your price doesnt line up with what else is out there, theyll scroll right past it and go on to the next one.

Pricing right from the start is your best move and a great agent can help make sure you do.

Overpricing Comes at a Cost

And more sellers are finding that out the hard way. They list their house based on how things were a year ago or based on a neighbors sale that happened under completely different circumstances. Then, when their house doesnt sell, theyre left with three tough choices:

1. Drop the price: Cutting the price might help get more eyes on the house again, but it can also trigger red flags. Buyers may wonder whats wrong with it. And thats going to impact any offers you get after the price cut.
2. Take it off the market: Some sellers give up on the idea of selling right now. The worst part about this is it means putting their future plans on the back burner. That dream of more space, downsizing, or relocating? On pause.
3. Rent it out: Others go the landlord route, but managing tenants and navigating leases isnt always the simple fallback it seems. Renting can work, but its often a lot more hassle than people expect.

None of those options were part of the original plan. And honestly, none of them are where you should end up if you wanted to sell. Heres a look at how a local agents expertise can help you avoid these headaches. Let's use price cuts as an example.

Where You Live Makes a Difference

While the number of price cuts is up nationally, data shows some parts of the country are seeing far more of them than others. It all comes down to how much inventory has grown in that area (see map below):

As Realtor.com explains:

Regionally, price reductions in June were significantly more common in the South and West (23% of listings) than they were in the Northeast (13% of listings), reflecting the inventory divergence across these regions.

That means pricing isnt one-size-fits-all. Whats happening nationally might not reflect whats happening in your zip code, and thats why you shouldnt try to determine your list price on your own.

How a Great Agent Helps You Nail the Price

A skilled agent doesnt just toss out a number. As Zillow says:

Well-priced homes are more likely to sell quickly, butpricing your hometo sell quickly and for maximum dollar requires strategy and knowledge of your local market. You need to have a clear-eyed view of your home in relation to the competition, and knowledge about whether youre in abuyers or sellers market. It also helps to know what buyers in your area can afford.

And thats all knowledge your agent will have. They study your local market, compare recent sales, and factor in your goals and buyer behavior. Based on whats happening where you live, sometimes the best play will be pricing right at current market value. Other times pricing a little lower actually will spark more offers and ultimately get you a better final sale price.

So dont skimp on the strategy or on your agent. With their local market know-how, youll be able to sell quickly, even in a shifting market.

Bottom Line

Overpricing can lead to tough choices you never want to face. But with the right price, and the right guidance, you can skip the stress and sell with confidence. Connect with a local agent so you have a pricing strategy that works for todays market and gets you where you want to go.