It's easy to see why many sellers are tempted to price their home on the high side; after all, who wouldn't want to get top dollar? But in today's market, overpricing can do more harm than good. While it may seem like a smart move to leave “wiggle room” for negotiations, the reality is that pricing your home too high from the start can turn buyers away before they even step inside.
Here are three important risks to consider before overshooting your price:
1. Missing the Right Buyers
Buyers often set their home search parameters based on budget. If your home is priced too high, it may never even make it onto their radar. Even if it does, it may not stand up to the competition when compared to other similarly priced homes that offer more value.
2. Longer Time on Market
Homes that sit on the market too long start to raise red flags. Buyers may wonder what’s wrong with the property or assume there’s room to make a lowball offer. The longer a home lingers without offers, the more leverage you lose as a seller—and the more likely you’ll have to reduce the price anyway.
3. Getting Less Than You Could Have
It’s a common misconception that pricing high gives you more room to negotiate. In reality, it can do just the opposite. Homes that are priced correctly tend to generate more interest, showings, and sometimes even multiple offers. Overpricing can scare off buyers completely—causing you to miss out on the momentum that comes with a well-priced new listing. You may end up selling for less than you would have if you had priced it correctly from the beginning.
First impressions matter. A smart pricing strategy can create urgency, attract qualified buyers, and lead to a faster, more profitable sale. If you’re thinking about selling and want expert advice on pricing, The Lonestar Living Team is here to help every step of the way. We’ll guide you through the process with insight, strategy, and a commitment to getting you the best possible results!
