Setting the right price for your home is the most crucial decision you’ll make when selling. While it might be tempting to start high, overpricing your home in today’s market could be a costly mistake that delays or prevents your sale.
Why Buyers Are More Price-Sensitive Than Ever
In today’s market, where mortgage rates and home prices have significantly impacted affordability, buyers are carefully evaluating every property within their budget. The National Association of Realtors (NAR) notes that while some sellers are testing higher prices simply because they can, this strategy often backfires by driving away qualified buyers.
The Psychology of Home Price Perception
When your home sits on the market longer than comparable properties, buyers naturally become suspicious. U.S. News reports that homes initially overpriced tend to face challenges even after price reductions, as potential buyers question:
- Whether there are hidden issues with the property
- If the seller is difficult to work with
- Why other buyers have passed on the home
How to Price Your Home for Success
The solution lies in working with an experienced local real estate agent who:
- Uses real-time market data to determine optimal pricing
- Understands current buyer behavior in your specific area
- Has a proven track record of successful home sales
- Provides honest, data-driven pricing recommendations
Strategic Pricing: Your Path to a Successful Sale
Remember that the goal isn’t just to list your home—it’s to sell it. A strategic price point attracts qualified buyers, generates meaningful showings, and ultimately leads to strong offers.
Perecentage of Homes In Portland Metro Taking Price Reductions
The chart below from Altos Research shows the percentage of homes that have taken a price reduction in the past 12 months. Currently, approximately 40% of home sellers must eventually reduce their asking price to secure a sale. This price reduction often leads to a longer time on market and potentially lower final sale price than if the home had been priced correctly from the start. While the trend line is improving of late, the key to selling for top dollar is to accurately price to current market conditions.
Take Action Today
Don’t let your home become another statistic of overpriced properties languishing on the market. We can help you price your home competitively from day one.
Thinking of selling your home? Contact us for a free home evaluation where we’ll assess the current market value range of your home and current equity.
