Connect with us

For Sellers

Why Overpricing Your House Can Cost You

Published

on

If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Your Agent’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

 

Connect with a local real estate agent to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Agent Value

Your House Didn’t Sell. Here’s How To Turn It Around.

Published

on

When your house doesn’t sell, it’s not just disappointing. It messes with your timing. Your plans. Your confidence. You start second-guessing everything, including the decision to move in the first place. And that raises 2 big questions: 

Do you try again?

Is that even worth it?

Here’s the secret to getting a better outcome the second time around.

Different Agent. Different Results.

Most sellers who re-list and ultimately sell don’t wait for market to magically change. They change their approach. And there’s data to back that up.

Research from REDX shows homeowners who put their house back on the market with a different agent are more likely to sell than homeowners who re-used the same agent. Not to mention, they see their homes sell faster (see graph below): 

a screenshot of a graph

That’s the power of a fresh set of eyes. Because in a moment like this, the worst thing you can do is rerun the same set of plays and expect a different outcome. A different agent can bring a new perspective on where things went off track – and a lot of the time, one of these things happened.

1. The Asking Price Didn’t Match Buyer Reality

There’s a saying that’s especially important in today’s market, and it’s: if your price isn’t compelling, it’s not selling.” Maybe that’s what happened with your house.

With mortgage rates where they are and inflation driving up the cost of everyday purchases, buyers have less room to stretch. If they feel like your house is priced even a little high, it’s going to get skipped over. And if no one looks at it, it’s not going to sell.

The Fix: Price to draw buyers in, not push them away. Have an agent pull fresh data from recent sales so your asking price matches what buyers are actually paying right now. 

2. The First Impression Didn’t Win the Click 

Most buyers decide whether they want to tour a home in seconds. If the photos look dark, or dated, they scroll right past. And while you may think: “If they just saw it in person, they’d get it,” you may not get that chance.

And honestly, even in person, small things can quietly kill momentum – worn down paint, outdated fixtures, clutter, or a yard that feels high-maintenance. Individually, they’re small. Stacked together, they create doubt.

The Fix: Walk the house like you’re a buyer, not the owner. Start with what’s easy and obvious – paint, lighting, curb appeal, decluttering. Then update the photos so they match the best version of your house.

3. The Marketing Was Too “Set It and Forget It”

Today, the number of homes for sale has grown in many areas. Buyers have more options, which means your house needs a plan to stand out. A generic description and a basic upload to the MLS can blend in fast.

The Fix: Find an agent who can build stronger exposure through digital marketing and social platforms, plus content that makes buyers stop – strong photos, a smart description, a video walk-through, and a plan for open houses and follow-up.

4. There Was No Clear Plan for Feedback

Sometimes the house gets showings, but no offers. If that was your experience, it actually tells you something important. Buyers liked it enough online to come see it. So, something else was holding them back.

Those buyers were sending a message. It just wasn’t translated into action. 

The Fix: Make sure your agent has a clear plan for seeking out and acting on feedback quickly. That dialogue often points to the one change that would get a house sold.

5. The Deal Couldn’t Get Over the Finish Line 

Even when a house is priced well and marketed right, deals fall apart when there’s no plan for the human side of the transaction.

Buyers today are more likely to ask for repairs, credits, or help with closing costs than a few years ago. In this type of market, being unwilling to negotiate can cost you more than a reasonable concession ever would.

The Fix: Decide ahead of time what matters most to you and where you can be flexible. Keep the dialogue open and lean on your agent for advice.

Bottom Line

If your house didn’t sell the first time, you’re not stuck. You just need a different strategy, and maybe a different partner.

When you’re ready for a fresh set of eyes on what happened and what to change first, connect with a local agent.

Continue Reading

Economy

More Sellers Are Taking Their Homes off the Market. Here’s What You Need To Know.

Published

on

You may be hearing that a near-record number of homeowners are pulling their houses off the market. And if that headline has you thinking, “Wait… is something bad about to happen?” You’re not alone.

Because when people start stepping to the sidelines, it sounds like a warning sign that something’s coming – or that they realize something you don’t know.

Here’s the thing. This trend gets spun like it means the market is about to crash. But the data tells a more practical story.

What the Numbers Actually Say

According to the latest data from Redfin, 5.5% of all listings were taken off the market in May. And it’s true that’s almost the highest it’s been since back in March 2020 (see graph below): 

a graph showing the price of a home

That can sound scary. But a lot of the fear comes from how this story gets told. “A near record number of sellers are pulling their listings” makes a great clickbait headline – and that sort of thing spreads fast, especially online. But sellers pull a house off the market for plenty of reasons that have nothing to do with a crash.

Redfin points to four main forces driving this trend:

  • Homes are taking longer to sell. When the pace slows down, some sellers get frustrated and decide to hold off.

  • The number of homes for sale is rising faster than demand. That means buyers have more options. And sellers who don’t price or prep right may not get many eyes on their house.

  • Some sellers still have pandemic-era price expectations. A price that would’ve worked a couple years ago may not match what today’s buyers will pay.

  • Economic uncertainty is making both buyers and sellers cautious. Buyers pause. Sellers second-guess. And that has an impact on overall sales volume and pace.

Notice what’s missing from that list? There isn’t a single mention of an impending market crash or price collapse.

This is about a shifting pace, more competition, and sellers deciding how they want to respond.

One Detail Most Headlines Leave Out

Want more peace of mind that this isn’t a crash? This next stat delivers. Yes, more sellers are taking their homes off the market. But Redfin also shows something you’re not going to see in social posts…

The number of re-listings is growing too.  

While more sellers are pulling their listings, more are also deciding to give selling a second shot too. This is pretty much the highest re-listings have been since the pandemic hit.

While 5.5% got pulled in May, 2.3% were also put back on the market (see graph below):

a graph of sales and prices

That’s a signal sellers aren’t giving up or running away in large numbers.

Some are simply stepping away briefly before deciding to try again. That tells you this often isn’t a permanent decision. In many cases, it’s a pause – and the seller comes back with a different approach.

A lot of the time that change in the overall strategy is all that’s needed to finally get a house sold. 

And just in case you need more proof this isn’t a reason to worry, check this out. Buyer activity may be starting to pick back up – and that could bring more sellers back in or, at least, prevent some sellers from pulling back. 

The National Association of Realtors (NAR) reports existing home sales increased 3.2% in May. That’s the biggest increase since December. As the Wall Street Journal puts it: 

“Home sales in May posted the biggest rise this year, a sign that the housing market’s crucial spring selling season may be showing signs of life after a sluggish start.”

That doesn’t sound like a market in trouble.

Bottom Line

If you’re seeing headlines about how a record number of sellers are taking their homes off the market, don’t panic. It’s not a warning of an impending crash. It’s a market adjusting.

Continue Reading

Agent Value

Is It Still a Seller’s Market? Here’s What the Data Says.

Published

on

Remember a few years back when sellers held all the power and buyers were stuck offering way over asking or waiving inspections just to get a chance at the house? In many markets, those days are behind us.

While it’s going to vary by area, more metros are slowly shifting to favor buyers, and the market is starting to look a lot more like a two-way street again.

And that balance is something we haven’t had in a while.

Whether you’re buying or selling, here’s what you need to know about what’s changing and what it means for your move.

The Most Buyer-Friendly Market in Years

The national data tells an interesting story right now. According to Realtor.com:

“The national housing market is balanced but gradually loosening as the cycle moves in a more buyer-friendly direction . . .

That’s because, over the past few years, more and more metros have been flipping back to more buyer-friendly terms as inventory’s grown. And when you zoom in on the latest Realtor.com data for the top 50 metro markets over time, the trend becomes really clear (see graph below).

Back in 2021, almost all major metros were seller’s markets. By the end of 2025, only 1 in 3 still favored sellers. That’s an obvious shift.

a graph of sales

And that changes how the market is going to feel for everyone. Sellers shouldn’t still expect 2021 conditions, but neither should buyers. At least, not generally speaking.

It’s Not the Same Story Everywhere

That said, who has the power ultimately depends on where you live. While more metros are leaning buyer-friendly lately, there are still plenty of strong seller’s markets right now, too.

It really comes down to how much housing supply and demand there is in your area. And that varies enormously by region.

Sun Belt cities like Austin, Tampa, and San Antonio saw major building booms in recent years, giving buyers more options and more negotiating room. Meanwhile, cities in the Northeast and Midwest – think Rochester, Hartford, and Buffalo – didn’t see that same wave, so inventory stayed tight and competition stayed fierce. As Jeff Ostrowski, Housing Analyst at Bankrate, explains:

“The formerly hot Sun Belt markets have cooled, while the Northeast and Midwest have stayed hot. The big driver here is construction activity. The softest markets now [have] experienced big booms that spurred new building, and that has led to a large supply of new and existing homes on the market in those places.”

Practical Advice for Your Move

To find out who has the power in your local market, talk to an agent. Because knowing what’s happening locally is going to be the key to setting the right strategy for your move.

If the market is working in your favor, great. Lean in and use it to your benefit. But if it’s not, all hope isn’t lost. Your agent can help you figure out how to approach any market.

Here’s some practical advice if there’s a mismatch between your goal and local market conditions.

If you’re buying in a seller’s market:

  • Get pre-approved before you start shopping. It shows sellers you’re serious.

  • Be ready to act fast when the right home hits the market.

  • Consider offering a quick closing date or flexible terms.

  • Work closely with your agent to craft a competitive offer.

If you’re selling in a buyer’s market:

  • Price it right from day one. Overpricing will cost you time and money.

  • Focus on curb appeal and staging to stand out in areas with more inventory.

  • Be open to offering incentives, like covering closing costs or a home warranty.

  • Expect buyers to negotiate and be ready to be flexible.

Bottom Line

Right now, local markets are moving in very different directions. And your strategy as a buyer or seller should reflect your market.

Want to know which way your local market is leaning and what that means for your move? Talk to a local real estate agent.

Continue Reading

Subscribe for Weekly

Real Estate Insights

Advertisement

Trending

Copyright © 2020-2025 Mark Sincavage. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.