Trying to sell your home fast? Pricing it too high may backfire

Key Takeaways

• April saw the most price reductions since 2016. 18% of homes across the country lowered their original listing price. 
• Homes are taking over 70 days to sell, this is a return to the pre pandemic market 
• Stale listings often result in lower final sale prices.
• Adjusting your expectations to current market conditions is crucial.
  

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Selling your home is a significant decision, and naturally, you want to get the best possible price. However, more and more buyers are trying to set realistic asking prices that can do more harm than good.

Price Reductions surged in April. According to Realtor.com 18% of listings saw price reductions in April, the highest share for the month of April in records dating to 2016. Arizona and Florida led the nation in price reductions. 

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The Pitfall of Overpricing

In the current market, many sellers are holding onto the high valuations from the 2021-22 housing boom. But times have changed. According to Realtor.com, overpricing is a primary reason listings become stale, without attracting serious offers. New York Post.

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In December 2024, half of all active listings had been on the market for 70 days or longer, the longest period since 2019. Additionally, 24.3% of listings exceeded 180 days on the market. New York Post.

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Why Overpricing Hurts

When a home sits unsold for an extended period, buyers may perceive that something is wrong with the property. This perception can lead to lower offers or no offers at all. Eventually, sellers may have to reduce the price, often below market value, to attract interest. New York Post.

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Joel Berner, a senior economist at Realtor.com, notes that many sellers are reluctant to list for less than their neighbors did during the market peak, leading to extended time on the market and eventual price reductions. New York Post.

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Adjusting to the New Market Reality

The housing market is returning to pre-pandemic norms, where homes typically take three to five months to sell. Higher mortgage rates, nearing 7%, have reduced buyer purchasing power, making it essential for sellers to price their homes competitively. New York Post.

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Strategies to Avoid a Stale Listing

• Price It Right from the Start: Research comparable homes in your area and set a realistic price.
• Enhance Curb Appeal: First impressions matter. Ensure your home looks inviting from the outside.
• Stage the Interior: Declutter and depersonalize your home to help buyers envision themselves living there.
• Be Open to Feedback: Listen to potential buyers' comments and be willing to make necessary adjustments. Liveintruckee.

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Want to Sell Fast And Quick

We can connect you with the perfect leaseback program to help you sell your home quickly and as-is, while allowing you to stay for as long as you need. Through trusted partners, we offer a solution where you can sell your house in as little as 15 days, receive cash, and remain in the home as a renter.

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Discover more about the program here: