Published December 9, 2022

LiveMARYLAND Seller Tip: The Importance of Strategic Pricing

Written by Tim Mcintyre

LiveMARYLAND Seller Tip: The Importance of Strategic Pricing header image.

Pricing your home correctly is the single most important factor to consider when you’re selling your home. When you want top dollar, it is best to have the right price the day your house goes on the market. The first few weeks of any property sale are key, so you must price your home correctly from the start if you want to maximize interest.

There’s nothing wrong with listing your home on the high side of fair value, however, overpricing your home so that there is "room to negotiate" can backfire. Why?

Less Traffic. Today's buyers are educated and have all the data in their hands with the internet and home valuation sites. They know if a home is overpriced, and they may prefer to watch and wait for the price to decrease, rather than come see the home in person.
Fewer Offers. If buyers think your price is too high, they may not want to make an offer, either for fear of offending you, or they may simply believe that you are unwilling to negotiate.

Shrinking Buyer Pool. Your property attracts the most interest when it is first listed, and the majority of showings on a home occur in the first 30 days of the listing hitting the market. The longer you wait to adjust the price, the smaller your pool of potential buyers becomes.
Stagnation. After your house has been on the market for several weeks or months, buyers will notice the number of days on market and may assume there is something wrong with your home.

In the end, you may end up making less money by overpricing your home, than you would have if you’d priced your house correctly when it was first listed!

If you’re thinking of selling your home and would like to hear more about effective pricing strategies that get you the most amount of money, with the least amount of stress, in the timeframe that works best for you, reach out to us today! We’d be happy to provide a confidential consultation to show you why our listings consistently sell for more money, in less time, than the average home listed in the MLS!