Dont Let Unrealistic Pricing Cost You Your Move

These days, youre going to want to get your price right when you get ready to sell your house. Honestly, its more important than ever. Why? While you may want to list high just to see what happens, thats a plan that can easily backfire, and its going to cost you in todays market.

And the risk isnt just missing out on offers, its missing out on the move you needed to make in the first place.

The Real Pitfall of Overpricing

Many homeowners remember what their neighbors house sold for a few years ago, and they want to chase that same sky-high number. The problem is, that was a different market.

Today, there are more homes for sale. Buyers have more options to choose from. They dont have to get into bidding wars where they offer way over asking just to compete. Now they can come in at, or even below, list price. And if youre not open to that, theyll move on. Lisa Sturtevant, Chief Economist at Bright MLS, explains:

Buyers will have more leverage in many, but not all, markets. Sellers will need to adjust price expectations to reflect the transitioning market.

But heres the good news. You still have one big advantage as a seller. According to the Federal Housing Finance Agency (FHFA), home values went up by a staggering 54%over the last 5 years. So, even if you compromise just a little bit on your sale price today, odds are youll still come out way ahead.

The challenge? Most sellers arent thinking about it that way. Theyre stuck on what a neighbor got months or years ago and thats a costly mistake.

Overpricing Can Stall Your Whole Move

Heres what happens. A seller lists too high. Buyers stay away. No offers come in. The house sits. And suddenly, that seller is facing a tough decision. Do they cut the price? Stick it out? Or give up altogether?

Unfortunately, a late price cut may not be enough. Buyers often see that as a red flag that somethings wrong with the house. Thats why some sellers are opting to just pull their listing off the market entirely.

In a recent survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) over half of agents (54%) say there are more homes being taken off the market than usual.

And the top reasons for that? According to the agents, homeowners didnt get any offers they felt were fair. The survey from JBREC and KCM explains it like this:

Sellers holding onto high price expectations is the leading reason they are delisting their homes.

BrightMLS data backs this up:

. . . sellers are delisting after having their home on the market and finding they are not getting the price they hoped for.

Its more proof pricing too high does more than turn buyers away, it puts your whole move at risk. Because if no one looks at your home or makes an offer, how are you going to sell it?

The Secret To Making Your Move Happen

If youre selling to relocate for a job, need more space for your growing family, or have to be closer to your relatives as they age, you cant afford to get stuck. You need a pricing strategy that helps you move forward and that starts with the right agent.

The sellers who are winning right now are the ones working with experienced local agents who know the current market and arent afraid to have honest conversations about price.

And its paying off. In the right price range and condition, homes are still selling fast, sometimes even with multiple offers.

Bottom Line

Pricing your house for todays market isnt just about getting it sold. Its about making sure your move doesnt stall before it starts.

Talk to an agent about what buyers are really paying right now in your area, and how to price your home to match.