When selling your house, the price you choose isn’t just a number, it's a strategy. And in today’s market, that strategy needs to be sharp.
The number of homes for sale is climbing. And that means buyers have more choices and can be more selective. If your price doesn’t line up with what else is out there, they’ll scroll right past it and go on to the next one.
Pricing right from the start is your best move – and a great agent (a.k.a., the Imagine Marin Team) can help make sure you do.
Overpricing Comes at a Cost
And more sellers are finding that out the hard way. They list their house based on how things were a year ago – or based on a neighbor’s sale that happened under completely different circumstances. Then, when their house doesn’t sell, they’re left with three tough choices:
- Drop the price: Cutting the price might help get more eyes on the house again, but it can also trigger red flags. Buyers may wonder what’s wrong with it. And that’s going to impact any offers you get after the price cut. By pricing at market to begin with, you can hopefully, avoid this (although sometimes in a declining market, it can be nearly impossible to avoid).
- Take it off the market: Some sellers give up on the idea of selling right now. The worst part about this is it means putting their future plans on the back burner. That dream of financial security, more space, downsizing, or relocating? On pause.
- Rent it out: Others go the landlord route, but managing tenants and navigating leases isn’t always the simple fallback it seems. Renting can work, but it’s often a lot more hassle than people expect. And then, you still have to sell later on after repairing whatever damage the prior tenants inflicted.
None of those options were part of the original plan.
Where You Live Makes a Difference
While the number of price cuts is up nationally, data shows some parts of the country are seeing far more of them than others. It all comes down to how much inventory has grown in that area (see map below):
As Realtor.com explains:
“Regionally, price reductions in June were significantly more common in the South and West (23% of listings) than they were in the Northeast (13% of listings), reflecting the inventory divergence across these regions.”
That means pricing isn’t one-size-fits-all. What’s happening nationally might not reflect what’s happening in your zip code (or in your home category - e.g., condos can be more difficult to sell than homes when the market slows down), and that’s why you shouldn’t try to determine your list price on your own.
How Imagine Marin Helps You Nail the Price
A skilled agent doesn’t just toss out a number. As Zillow says:
“Well-priced homes are more likely to sell quickly, but pricing your home to sell quickly and for maximum dollar requires strategy and knowledge of your local market. You need to have a clear-eyed view of your home in relation to the competition, and knowledge about whether you’re in a buyers or sellers market. It also helps to know what buyers in your area can afford.”
Most often in most markets, the best play will be pricing right at current market value. Other times pricing a little lower actually will spark more offers and ultimately get you a better final sale price.
Bottom Line
Overpricing can lead to tough choices you never want to face. But, with the right price, you can skip the stress and sell with confidence. Let’s connect so you have a pricing strategy that works for today’s market and gets you where you want to go.
