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Savvy Sellers Know: Testing the Market can be Costly

Updated: May 4

by: Natalie Selsor



Sellers sometimes decide to test the market, but this strategy is not without risk.

By pricing significantly higher than recent comparable sales support, you may: 


1. Burn up days on market.

Generally speaking, the higher your days on market, the less likely you are to get your full asking price & the more likely you are to get low offers.


2. Lose momentum.

Your house will get the most attention right when it hits the market.


3. Skew buyer perception.

If buyers believe your house is overpriced, they are more likely to focus on reasons your house is not worth your asking price.


4. Bolster the competition.

Comparable properties that are overpriced may make your market-priced listing look like a “deal,” which will likely prompt buyers to focus on what the competition is lacking and all the great features your home as to offer.


Protect your bottom line and reduce the likelihood of price reductions & low offers by listing your home as close to true market value as possible. Your agent can provide recent comps & market data to help you land on the right asking price. And the final decision is yours to make!



THE TAKEWAY

Real estate listings are perishable by nature. In fact, when a listing is removed from the market because it did not sell, the industry considers it “expired.” So treat your house like a fresh donut. Price it to sell while it’s hot, and don’t let it get stale. 

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