In today’s housing market, one of the most common mistakes sellers make is overpricing their Triangle Area homes. This misstep often leads to homes sitting on the market for extended periods without offers. When that happens, sellers may be forced to reduce their asking price to regain buyer interest.
Recent data from Realtor.com shows an increasing trend of homeowners making price reductions to correct this mistake (see graph below):
If you’re considering selling your Raleigh home, it’s important to know how to avoid costly mistakes. The best way to ensure you price your home correctly is to work with a trusted real estate agent. Here’s why setting the right price matters and what could happen if you don’t.
Understanding Current Market Conditions Is Crucial
One of the key factors in setting the right price is understanding the current Triangle Area market. Basing your price on what homes were selling for during the pandemic may no longer be relevant, as the market has adjusted significantly. Aligning your price with today’s conditions is essential.
Linda Craft Team Realtors continuously monitor market trends and use that knowledge to help you price your Raleigh home accurately.
Pricing Based on What You Want vs. What It’s Worth
Another common mistake is pricing your Triangle Area home based on how much you want to make, rather than its actual market value. While homes in your neighborhood may be selling for high prices, differences in size, condition, or features like a waterfront view or finished basement can significantly affect the value. As Bankrate explains:
How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”
Linda Craft Team Realtors can conduct a comparative market analysis (CMA) to ensure your Triangle Area home is priced accurately based on similar properties.
Pricing High to Leave Room for Negotiation
Some sellers intentionally overprice their homes to leave room for negotiation. However, this strategy often backfires. An inflated price can turn off potential buyers, resulting in fewer showings and offers. As U.S. News Real Estate explains:
You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you’ve overpriced your home, chances are you’ll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”
Linda Craft Team Realtors can help you set a fair and competitive price that attracts buyers and sparks more competitive offers.
Bottom Line
Overpricing your Raleigh home can lead to missed opportunities and a longer time on the market. A knowledgeable real estate agent offers valuable insight, market expertise, and a strategic pricing approach. Contact Linda Craft Team Realtors so you can avoid costly pricing mistakes and ensure a successful sale.