Overpricing Your Home Could Cost You The Move You’ve Been Planning
In today’s housing market, setting the right asking price from the start is more critical than ever. While it may seem tempting to list high to “see what happens,” that approach can easily backfire and end up costing you the move you’ve been planning for.
Overpricing your home doesn’t just reduce the number of offers; it can stop your relocation plans before they even begin.
The Real Pitfall Of Overpricing
Many homeowners remember what their neighbor’s house sold for a few years ago and aim to reach that same lofty number. The problem is that was a completely different market.
Right now, more homes are available, which means buyers have more choices. They no longer have to engage in bidding wars or offer far above asking prices just to secure a property. Instead, they can make offers at or even below the list price. And if your home isn’t priced competitively, they’ll simply 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.”
Fortunately, there’s still good news. According to the Federal Housing Finance Agency (FHFA), home values have increased by a remarkable 54% over the last 5 years. That means even if you adjust your expectations slightly, you’re still likely to walk away with solid equity gains.
The real challenge is that many sellers aren’t looking at it this way. They’re comparing their home’s value to what a neighbor got months or even years ago—and that’s where they run into trouble.
Overpricing Can Stall Your Whole Move
Here’s how it often unfolds. A seller lists too high, expecting strong interest. But buyers stay away. Days on market pile up. No offers come in. Eventually, that seller faces a tough decision: reduce the price, wait it out, or remove the listing entirely.
By the time the price drop happens, it might be too late. Buyers may assume something is wrong with the property once they see a reduction.
A recent survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) found that 54% of real estate agents are seeing more homes being taken off the market than usual.
And the top reasons for that? According to the agents, homeowners didn’t 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.”
Data from Bright MLS supports this finding:
“. . . sellers are delisting after having their home on the market and finding they are not getting the price they hoped for.”
That’s strong evidence that overpricing doesn’t just push buyers away, it can completely stall your plans. Without buyer interest or offers, there’s no path forward to your next move.
The Key To Making Your Move Happen
If you’re planning a move because of a new job, a growing family, or a desire to be closer to loved ones, the last thing you want is to get stuck. To move ahead successfully, you need a pricing strategy that reflects today’s market conditions, and that starts with the right agent.
The sellers achieving the best results today are those who work with experienced local agents who understand current trends and are willing to have honest pricing conversations.
When homes are priced appropriately and presented well, they continue to sell quickly. Sometimes even with multiple offers.
Bottom Line
Pricing your home for today’s market isn’t just about making a sale; it’s about ensuring your next move happens on time.
If you’re preparing to sell, let’s talk about what buyers are paying right now in our local area and how to price your home to attract the right offers.
Vesta Schneider
Realtor®
Luxury Homes | Relocation | Investments
Keller Williams Realty McKinney
📞 302-530-7314
📧 vestaschneider@yahoo.com
