Princeton Town Topics – Let’s Talk Real Estate – February 19, 2025
WHY OVERPRICING YOUR HOME IS A COSTLY MISTAKE
Even in a seller’s market, overpricing your home can do more harm than good. While it’s tempting to aim high, today’s buyers are well-informed and have access to extensive market data. If your price is above comparable homes, buyers may skip your listing entirely or wait for a price reduction.
Overpriced homes tend to sit on the market longer, creating a stigma that something is wrong with the property. The longer it lingers, the more likely you’ll need to lower the price—sometimes below fair market value—to attract interest.
Additionally, even if a buyer makes an offer, the home must appraise at value for financing. If it doesn’t, the deal could fall through, forcing you back to square one.
Pricing competitively from the start generates more interest, encourages multiple offers, and often leads to a better final sales price. In real estate, the right price is key to a successful sale.