These days, nailing the right price when you’re ready to sell your home is more important than ever. You might be tempted to set a high asking price just to test the waters, but that strategy can backfire and end up costing you in today’s market. Getting the price right from the start will help you attract serious buyers and sell your house more smoothly.

The risk isn’t just about missing out on offers—it’s about missing the chance to make the move you really needed to make.

The Real Pitfall of Overpricing

A lot of homeowners recall the price their neighbor got for their house a few years back and hope to match that impressive number. The catch is, the market was very different then.

Right now, there are more homes on the market, giving buyers plenty of choices. They don’t have to jump into bidding wars and pay way over asking price just to compete. Instead, buyers can offer at or even below the list price. And if a seller isn’t willing to consider that, buyers will simply move on. Lisa Sturtevant, Chief Economist at Bright MLS, breaks it down this way:

““Buyers will have more leverage in many, but not all, markets. Sellers will need to adjust price expectations to reflect the transitioning market.”
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— Lisa Sturtevant, Chief Economist at Bright MLS

Here’s the bright side: as a seller, you’ve got a major advantage. The Federal Housing Finance Agency (FHFA) reports that home values have jumped an incredible 54% over the past five years. So, even if you’re willing to lower your asking price a bit now, chances are you’ll still walk away with a solid gain.

The problem is, most sellers don’t see it that way. They focus on what a neighbor sold their home for months or even years ago, and that can end up costing them a lot.

Overpricing Can Stall Your Whole Move

Here’s the situation: a seller sets the price too high. Buyers don’t show much interest. No offers come through. The house just sits on the market. Then, the seller has to make a tough call—should they lower the price, hold steady, or walk away?

Sometimes, dropping the price late in the process just doesn’t do the trick. Buyers can take it as a sign there might be issues with the home. Because of that, some sellers decide to take their listing off the market altogether.

A recent survey by John Burns Research and Consulting and Keeping Current Matters found that more than half of agents (54%) are noticing more homes being taken off the market than usual.

So, why is that? Agents say the main reason homeowners didn’t accept any offers is that none felt fair to them. A survey from JBREC and KCM breaks it down like this:

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

BrightMLS data backs this up:

““. . . sellers are delisting after having their home on the market and finding they are not getting the price they hoped for.”
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— BrightMLS

Pricing your home too high doesn’t just drive buyers away—it can jeopardize your entire move. If nobody comes to see your home or makes an offer, how will you sell it?

The Secret To Making Your Move Happen

Whether you’re selling your home to move for a new job, need a bigger place for your growing family, or want to be closer to aging relatives, getting stuck in the process isn’t an option. You need a pricing strategy that keeps things moving—and that begins with choosing the right agent to guide you.

The sellers getting the best results right now are the ones teaming up with experienced local agents who understand the current market and are upfront about pricing.