Why Overpricing Can Hurt Your Home Sale

By Andrew Duncan

Andrew Duncan is the Founder, CEO and Co-Owner of Tampa’s Best Real Estate Agent Team, The Duncan Duo, the Host of The Duncan Duo Real Estate Show Sundays at 10am on 970AM WFLA. As the team’s Founder, CEO & Co-Owner, Andrew’s focus is on the growth of the company, marketing and promotion initiatives as well as motivating and coaching the team’s agents and leadership.

Have you ever walked into a store, picked up something you really liked, and thought it looked amazing, only to put it back on the shelf when you saw the price? That’s exactly what happens when home sellers overprice their homes in today’s real estate market. We’re in a challenging, shifting market where it’s not as healthy as it was a couple of years ago, making it more expensive and difficult for buyers.

In this environment, pricing your home accurately is a must. When potential buyers see an overpriced property, whether online or in person, they simply move on, much like putting an overpriced item back on the shelf in a store. If you want to sell your house without it being overlooked, you must ensure it’s priced correctly.

This doesn’t just mean basing your price on comps from three or six months ago. Real estate markets can be highly localized, and in some neighborhoods in Tampa Bay, we’re seeing depreciation and an overabundance of listings. In others, bidding wars are still happening. Understanding these hyper-local market dynamics is key to setting the right price for your home.

It’s essential to listen to your trusted real estate professional when determining your price. Pricing your property to sell means analyzing current market data, understanding trends, and adjusting accordingly. For instance, if you have a $300,000 property and the comps from the last six months are around $300,000, but there are multiple homes listed at $280,000 or $290,000 in a saturated neighborhood, you need to price more aggressively to attract buyers.

If interpreting market data and understanding inventory levels is overwhelming, that’s where hiring professionals like the Duncan Duo comes in. We help you overcome these challenges to ensure your home is priced to sell, not to sit on the shelf.

Make sure you share this information with anyone you know who is thinking about selling their home. Proper pricing is critical in today’s market, and it can make all the difference between a quick sale and a home that lingers unsold. Feel free to call or email if you have any questions!