Why overpricing your home is a major marketing pitfall to avoid!

1 in 5 sellers are cutting prices right now. For buyers, that means you’ve got room to maybe score a better deal—and for sellers, you’re going to want to get your price right when you get ready to sell your house.

With the current market, sellers can’t expect to get the sky-high price their neighbors got a few years ago. While you may want to list high just to see what happens, that’s a plan that can easily backfire, and can cost you the move you need to relocate for a job, more space for a growing family, or move closer to aging relatives—all because of asking price.

The Real Pitfall of Overpricing

Many homeowners remember what their neighbor’s house sold for a few years ago, and they want to chase that same number. The problem is, that was a different market.

Today, there are more homes for sale. Buyers have more options to choose from. They don’t have to get into bidding wars where they offer way over asking just to compete. Now they can come in at, or even below, list price. And if you’re not open to that, they’ll move on.

Lisa Sturtevant, Chief Economist at Bright MLS, explains...

“Buyers will have more leverage in many, but not all, markets. Sellers will need to adjust price expectations to reflect the transitioning market.”

But here’s the good news: You still have one big advantage as a seller! According to the Federal Housing Finance Agency (FHFA), home values in Oklahoma went up by a staggering 46% over the last 5 years. So, even if you compromise just a little bit on your sale price today, odds are you’ll still come out way ahead.

The challenge? Most sellers aren’t thinking about it that way. They’re stuck on what a neighbor got months or years ago—and that’s a costly mistake.

Overpricing Can Stall Your Whole Move

Here’s what happens: A seller lists too high, buyers skip your home, and no offers come in. The house sits, and suddenly, that seller is facing a tough decision: Do they cut the price? Stick it out? Or give up altogether?

Unfortunately, a late price cut may not be enough. Buyers often multiple price reductions as a red flag that something’s wrong with the house. That’s why some sellers are opting to just pull their listing off the market entirely.

In a recent survey from John Burns Research & Consulting (JBREC) and Keeping Current Matters (KCM) over half of agents (54%) say there are more homes being taken off the market than usual.

And the top reasons for that? According to the agents, homeowners didn’t get any offers they felt were fair. The survey from JBREC and KCM explains it like this...

“Sellers holding onto high price expectations is the leading reason they are delisting their homes.”

It’s more proof pricing too high does more than turn buyers away, it puts your whole move at risk. If no one looks at your home or makes an offer, how are you going to sell it?

The Secret To Making Your Move Happen

If you’re selling to relocate for a job, need more space for your growing family, or have to be closer to your relatives as they age, you can’t afford to get stuck. You need a pricing strategy that helps you move forward—and that starts with the right agent.

The sellers who are winning right now are the ones working with experienced local agents who know the current market and aren’t afraid to have honest conversations about price.

And it’s paying off! Well-priced homes are still selling quickly averaging 50 days on market, sometimes even with multiple offers!

Bottom Line

Pricing your house for today’s market isn’t just about getting it sold. It’s about making sure your move doesn’t stall before it starts. Talk with an experienced Flotilla Partner about pricing your home correctly for this market!

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