When it comes to selling your home, setting the right price from the start is one of the most important decisions you’ll make. Price it too high, and you risk scaring off buyers and watching your listing go stale. Price it too low, and you might leave money on the table. Striking the perfect balance requires market insight, strategy, and a realistic mindset.
Here’s how to price your home right—and the biggest mistakes to avoid along the way.
Why Pricing Matters
The first few weeks your home is on the market are crucial. That’s when it gets the most attention from serious buyers and real estate agents. If the price isn’t competitive, you may miss out on that initial wave of interest. Even worse, an overpriced home can linger on the market, leading to price reductions that can give buyers the impression that something is wrong with it.
Top Mistakes to Avoid When Pricing Your Home
1. Letting Emotions Drive the Price
Your home may hold a lot of sentimental value, but buyers are thinking in dollars and square footage. Emotional attachment can lead to overpricing, which deters offers and drags out the selling process. Trust your agent to provide a data-driven recommendation.
2. Ignoring Market Conditions
Real estate markets shift constantly. A price that made sense six months ago may not reflect current trends. Whether it’s a buyer’s or seller’s market, understanding local conditions is critical to setting a realistic price.
3. Overpricing to "Leave Room for Negotiation"
Many sellers think they can set a high price and just come down during negotiations. However, this strategy can backfire. Overpriced homes attract fewer showings and can miss the right audience entirely. It’s better to price competitively and generate multiple offers than to chase buyers with price cuts.
4. Relying on Online Estimates Alone
Online valuation tools like Zillow’s Zestimate can be wildly inaccurate because they don’t take into account recent renovations, neighborhood nuances, or current market shifts. Use them as a rough reference, but lean on a comparative market analysis (CMA) from a qualified real estate agent for a more precise number.
5. Not Adjusting Based on Feedback
If your home isn’t getting offers—or even showings—it may be time to re-evaluate the price. Ignoring market feedback can lead to extended days on market, which ultimately weakens your negotiating position.
How to Price Your Home the Right Way
Work with a Local Expert: A knowledgeable real estate agent will analyze recent sales, current listings, and market trends to help you determine a competitive price.
Get a Comparative Market Analysis (CMA): A CMA provides insight into what similar homes in your area have recently sold for—and how long they were on the market.
Consider Professional Appraisal: For a second opinion, hiring an appraiser can add another layer of confidence in your pricing decision.
Review Market Activity Weekly: The first 2–3 weeks are critical. If showings are low or offers aren't coming in, talk to your agent about adjusting the price promptly.
Final Thoughts
Pricing your home right is a strategic move that can significantly affect your selling timeline and final sale price. Avoid the common pitfalls by staying objective, informed, and flexible. With the right price and a strong marketing plan, you'll position your home to sell quickly and profitably.
If you're thinking about selling your home this year, I would love the opportunity to meet and discuss today’s market and your real estate goals.
✨ Let’s connect:
📧 dexter@dexterwilkie.com
📞 902.314.9686
🌐 dexterwilkie.royallepage.ca
You only get one first impression —
Let’s make it unforgettable.
- Dexter
