Overpricing Kills Deals: Don't Let it Cost You Your Move.

Today, getting your list price right when selling your house isn't just important—it's essential.

While it might be tempting to list high "just to see what happens," that strategy can easily backfire and cost you significantly in the current market. And the biggest risk isn't just missing out on offers; it's missing out on the move you need to make in the first place.

The Real Pitfall of Overpricing

Many homeowners still look at what their neighbor’s house sold for a few years ago and try to chase that same peak number. The problem is, that was a completely different market.

Here’s the current reality:

1. Buyers Have Options: Today, there are more homes for sale. Buyers have choices, meaning they don’t have to jump into a bidding war and offer way over the asking price just to compete.

2. Prices Are Adjusting: Buyers are now comfortable coming in at, or even below, the list price. If you’re not willing to entertain those offers, they'll simply move on to a house that is priced realistically.

As 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.”

The Good News You Can't Ignore

While prices have stabilized, you still have a massive advantage: equity. According to the Federal Housing Finance Agency (FHFA), home values have increased by a staggering 54% over the last five years.

Even if you compromise a little on your sale price today to attract buyers, odds are you will still come out way ahead compared to what you paid. The challenge is letting go of the neighbor's high number from months or years ago—a mistake that proves costly for many sellers.