As a REALTOR®, I often hear sellers say, “Let’s price it high to test the market.” It sounds like a low-risk strategy—set a high asking price, see if someone bites, and adjust if needed. But in reality, overpricing a property to gauge interest is one of the worst moves a seller can make. Here’s why this approach almost always backfires, especially in today’s competitive real estate market.

Your Home Sits Too Long

When you price your home above its market value, buyers skip it. They’re savvy, using tools like Zillow or Redfin to compare properties, and they won’t waste time on a home that feels overpriced. The longer your home lingers on the market, the more it raises red flags. In 2024, data shows homes priced correctly sell in an average of 28 days, while overpriced ones can sit for 60 days or more, depending on the market. A stale listing loses momentum, and even price cuts later won’t recapture that initial buzz.

Buyers Suspect Something’s Wrong

Once a home has been on the market for weeks or months, buyers start to wonder, “What’s wrong with it?” Even if your property is flawless, a high days-on-market (DOM) count creates a stigma. After a price reduction, potential buyers may assume there are hidden issues—structural problems, bad inspections, or seller desperation. This perception can lead to lower offers or no offers at all, costing you more than if you’d priced realistically from the start.

You Miss the Critical First Weeks

The first two weeks after listing are your home’s prime time. That’s when it gets the most views, showings, and interest from eager buyers. Pricing too high during this window means missing out on serious buyers who are ready to act. Once the listing goes stale, even a price cut struggles to regain attention. Agents and buyers often filter out older listings, assuming they’ve already been passed over for good reason.

Price Cuts Hurt More Than You Think

Sellers sometimes think, “We can always lower the price later.” But price reductions don’t just signal a correction—they can make your home less attractive. Buyers track price histories and may see a cut as a chance to lowball. Plus, frequent or drastic reductions can erode trust, making buyers and their agents question your seriousness. A home that starts at $500,000 and drops to $450,000 often gets offers below that, while a home priced at $450,000 from day one is more likely to attract strong, competitive bids.

You Lose Money in the Long Run

Overpricing doesn’t just delay your sale—it hits your bottom line. A home that sits unsold racks up carrying costs: mortgage payments, taxes, insurance, and maintenance. In a shifting market, waiting too long can mean selling at a lower price than you would have gotten initially, especially if interest rates rise or inventory increases. Pricing right from the start maximizes your profit by attracting serious buyers and avoiding these costly delays.

The Smarter Approach: Work with Me to Price It Right

Instead of testing the market, partner with me, your trusted Orlando REALTOR® through OwnYourLocale.com, to set a competitive price that gets results. I’ll conduct a detailed comparative market analysis (CMA), diving into recent sales of similar homes in your neighborhood, current market trends, and the unique features of your property. My goal is to position your home to stand out, drawing more showings, sparking multiple offers, and often selling at or above asking in a hot market. With my deep knowledge of the local market, personalized strategies, and commitment to your success, I’ll guide you every step of the way to sell quickly and profitably. Ready to make your home the one buyers can’t resist? Contact me today or schedule a consultation, and let’s get started.