The Price Is Wrong: Why Overpricing Your Home Could Cost You Thousands
By Joe Hillner | Guaranteed Home Sales | Boca Raton Real Estate Market Watch
Across the country, sellers are slashing prices and still not getting offers. Why? Because they’re not listening to the market.
It’s not just a few isolated cases—this is a national pattern. In April, the share of listings with price reductions hit a multi-year high. That means more sellers are starting too high… and scrambling to catch up later.
Realtor.com data shows price cuts are up across nearly every U.S. state. The South and West are especially impacted. Despite this, 81% of homeowners still believe they’ll get their full asking price—or more.
Why So Many Sellers Get It Wrong
Many homeowners are still anchored to the housing boom during COVID-19. Remember the bidding wars and homes selling in days? That boom created unrealistic expectations.
Today’s market is different. Mortgage rates are higher. Buyers are cautious. Economic uncertainty looms. And still—some sellers think new paint or trendy light fixtures can command a premium.
But buyers today are savvy. They’re looking for value, not just appearances. And when homes are overpriced, they sit. Interest fades. Price cuts follow.
The Reality of Overpricing
Think of it like showing up late to a race and expecting to win. The market moves fast. If you’re not priced right from day one, it moves on without you.
Danielle Hale, Chief Economist at Realtor.com, says sellers are often “anchored to prices that aren’t realistic.” Even after a reduction, many can still walk away with solid equity. But holding out for a dream price? That could cost you the sale altogether.
As Hale puts it: “It’s not about winning a bidding war anymore—it’s about making a smart move.”
What Agents Are Seeing on the Ground
Agents like Toni Zarghami in Sarasota say sellers often overestimate the value of small upgrades. “They think a little landscaping or new fixtures adds $20K,” she says. “But that’s not how the market works.”
Her analogy? “Pricing too high is like running a marathon and letting everyone else start 20 miles ahead.” By the time you catch up, buyers are gone.
The smart move? Price wisely from the start. The market is going down—and you don’t want to chase it. That’s a death by a thousand cuts.
The Danger of Stale Listings
When homes linger on the market, buyers assume something’s wrong. Even if there isn’t, perception becomes reality.
Nationally, homes spent an average of 50 days on the market last month—four days longer than a year ago and the longest April since 2020.
Stale listings get ignored or lowballed. Eventually, sellers slash prices just to gain attention—often ending up below where they should’ve started.
Real Stories, Real Regret
On Reddit, one seller shared they listed $100K too high in October and got zero offers. Another ignored three agents and priced 25% above comps—result: crickets and family tension.
These aren’t rare cases. They’re growing trends. And they all share the same truth: hope is not a plan. Price it right—or risk chasing the market downhill.
Smart Seller Strategy in Today’s Market
- Remove emotion: Your memories don’t raise market value.
- Hire a pro: Work with an agent who gives honest pricing advice, not flattery.
- Price it right the first time: Attract attention and create urgency.
- Focus on presentation: Upgrades help—but don’t guarantee a higher price.
- Be flexible: The market shifts fast—adapt or fall behind.
Selling isn’t about ego—it’s about strategy. Price smart. Sell fast. Move forward.
Final Thought
Wishful pricing leads to stale listings, stress, and ultimately, lost money. The experts agree: price it right, or prepare to chase the market with regret.
If you’re a seller in today’s market—don’t wait to learn this lesson the hard way. Trust the data. Listen to your agent. Be realistic.
