Some sellers may still assume their home will attract multiple offers above asking price within days of listing. After all, with fresh paint, updated fixtures, and some tidy landscaping, your house should outshine all the rest, right?
Not quite.
Pricing for the current conditions is important if you want to sell your home. Overpricing a home, especially in a cooling or balanced market, is one of the fastest ways to sabotage your sale
Cosmetic Touch-Ups Aren’t a Golden Ticket
Some homeowners can fall into the trap of equating cosmetic updates with significant value boosts. A new coat of paint, stylish light fixtures, or updated trim may make your home more appealing, but they don’t necessarily justify a higher asking price. Buyers expect a well-maintained home on the eastside, where the median home price is the highest in the state.
Features that truly increase a home’s value like a remodeled kitchen, additional square footage, or a premium location carry more weight than cosmetic tweaks. Without those, pricing your home above recent comparable sales in your neighborhood can set you up for extended market time, possibly resulting in price reductions and offers lower than asking price.
Pricing High Doesn’t Leave “Room to Negotiate”
One common myth is that “pricing high” gives sellers room to negotiate. In reality, it often drives serious buyers away before they even walk through the door. In today’s market, buyers are savvy. They are doing their own pricing analysis with tools like Zillow and Redfin, which provide the estimated market value and sold prices of recent nearby comparable properties. If your home is priced too far above similar listings, the right buyer may not even see your home while searching online.
The Right Price = The Best Result
A smart pricing strategy doesn’t mean undercutting your home’s value, it means understanding what buyers are actually willing to pay in your local market, right now. When a home is priced correctly from the start, it generates the most interest, brings in more showings, and is more likely to spark a full-price offer with compelling terms, or even competing offers. In contrast, a home that’s overpriced can languish, costing you more time and more stress. Your home may ultimately sell for less than it would have, had you priced it correctly from the beginning.
Bottom Line: It’s THE MARKET that Ultimately Sets the Price
Partner with a real estate professional who understands your hyper-local market, backs their advice with data, and isn’t afraid to tell you the truth, even when it’s not what you want to hear. And remember, it’s the market that ultimately sets the price, based on current market conditions.
Remember: It’s natural to reflect on where prices were a couple of months ago, but it’s important to remember that equity isn’t realized until a sale actually happens. Market conditions shift, and while past values can offer perspective, your true equity is what today’s market will support.
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