The #1 Mistake to Avoid When Selling Your Home This Year

The #1 Mistake to Avoid When Selling Your Home This Year

Selling your home is a big decision, and setting the right price from the start is one of the most crucial factors in ensuring a smooth and successful sale. Yet, many sellers make the critical mistake of overpricing their homes. While it may seem like listing your house at a higher price allows room for negotiation or maximizes your profit, the reality is quite different. Overpricing often backfires, leading to a longer time on the market and, ultimately, a lower final sale price.

The Dangers of Overpricing

It Turns Buyers Away

With current mortgage rates and home prices stretching buyers’ budgets, most are searching for homes within a specific price range. When a home is listed too high, buyers are more likely to skip over it rather than attempt to negotiate. According to the National Association of Realtors (NAR):

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers. . .”

The fewer buyers who view your home, the lower the chances of receiving an offer. An overpriced home can sit stagnant on the market while reasonably priced homes sell quickly.

The Longer Your Home Sits, the More Skeptical Buyers Become

A home that lingers on the market often raises red flags for potential buyers. They may assume something is wrong with the property—even if the only issue is the inflated price. As U.S. News points out:

“. . . 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.”

At that point, a price reduction may be necessary to generate interest, but by then, the damage is often done. Buyers might suspect hidden issues, and you could end up with a lower selling price than if you had initially priced it right.

How to Price Your Home Correctly

So, how do you avoid these pitfalls? The answer is simple: partner with a knowledgeable local real estate agent who understands the market. Your agent should provide an honest and data-driven recommendation for your listing price, rather than simply agreeing to an inflated number.

A great agent will:

• Conduct a comparative market analysis (CMA) to determine the fair market value of your home.

• Use real-time local market data to position your home competitively.

• Advise on pricing strategies that attract buyers while ensuring you get the best return possible.

Bottom Line

If the price isn’t compelling, your home isn’t selling. Instead of risking a stagnant listing with a too-high price tag, work with a local real estate expert who knows how to set the right price from the start. This approach will help ensure that your home attracts serious buyers, generates strong offers, and sells efficiently.

Let’s team up and make sure your home hits the market with the right price, gets noticed, and sells for the best possible value!