Stop Overpricing Your
Home: A Broker’s Guide to Getting Offers
Hi, I'm Broker Keith
Gordon from GetMoreOffers® and Altru®
Realty. Today, I
want to address a critical issue affecting about 50% of properties listed on
the MLS: overpricing.
The Problem with
Overpricing
The art of negotiating a
high-value sale starts with pricing your home correctly. When priced right,
your home attracts offers, providing valuable data points to determine its true
market value. Overpricing leads to a lack of offers, making it difficult to
gauge buyer interest. In a buyer's market like we have in February 2025, pricing
is even more critical. Overpriced homes won't attract buyers, and you'll miss
out on valuable opportunities.
Why Buyers are
"Perfect"
Buyers are smart. I
often refer to them as “perfect.” They know the market and what your home is
worth. Many sellers overestimate their home value, leading to overpricing and a
lack of offers. This disconnect is why 50% of MLS listings are overpriced and
never receive offers.
Buyers are motivated by
hopefulness. If your list price is too high, they won't even consider making an
offer. For example, if your home is listed at $1 million, buyers targeting
$930,000 won't bother making an offer, as they'll perceive it as unrealistic.
How to Adjust Your Price
If your home is
overpriced, you need to adjust your price to attract buyers. Here's how:
Why Bigger Drops Work
Small price adjustments signal
to buyers that you’re unsure or unwilling to negotiate. A significant drop, on
the other hand, shows you’re motivated to sell. By dropping your price
to $938,000, you’re
positioning your home within the range where buyers are willing to engage. That
range could be $900-940K.
The Risks of Waiting
The real estate market
can change quickly. With interest rates at 7%, high insurance
costs, and rising taxes,
homeownership is expensive, waiting too long to adjust your price could mean
chasing a declining market. As of February 2025, the market is sideways to
slightly down. My advice? Don’t wait. Adjust your price every 18 days to stay
competitive and attract serious buyers.
Final Thoughts
Pricing your home
correctly is key to a successful sale. If you're not getting offers, reassess
your price and make necessary adjustments.
Watch my YouTube Video
to learn more!
Need help? Contact me,
Broker Keith Gordon at GetMoreOffers® 877-232-9695 /
info@getmoreoffers.com or Altru Realty® 888-392-4806 /
info@altrurealty.com for a free consultation. We'll help you set the right
price and avoid wasting time on the market.