If Your House’s Price Is Not Compelling, It’s Not Selling

When you're preparing to sell your home in Arizona this year, there’s one big mistake you need to avoid: setting your price too high. While it may seem like overpricing gives you room to negotiate or could maximize your profit, the reality is that it often backfires.

In fact, Realtor.com reports that nearly 20% of sellers — that's one in five — end up reducing their price to get their house sold. You don’t want to be one of them. Here's why pricing your home too high can lead to problems, and how to avoid it.

Overpricing Pushes Buyers Away

With the current mortgage rates and home prices in Arizona, buyers are already stretching their budgets to make a move. So, when they come across a house that’s priced too high, they’re not thinking, “I can negotiate.” Instead, they’re likely to think, “next” and skip over your listing entirely. The National Association of Realtors (NAR) explains:

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers . . .”

When buyers bypass your listing, you miss out on the chance to get them through the door. Fewer showings lead to fewer offers, which is the last thing you want when selling your home.

The Longer Your House Sits, the More Skeptical Buyers Become

An overpriced home tends to sit on the market longer. The longer it lingers, the more buyers start to wonder: What’s wrong with it? Is there something wrong with the house itself? Or maybe you're difficult to work with? Even if the only issue is the price, that extra time on the market creates doubt. As U.S. News notes:

“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”

At this point, you’ll likely need to lower your price to generate interest. But price reductions come with their own challenges: buyers may see the lowered price as a red flag, thinking there’s an underlying issue with the home.

The Key to Finding the Right Price for Your Home

So, how can you avoid these pitfalls? It’s simple: partner with a local real estate agent who knows the Arizona market inside and out, and who will be honest about the best price for your home.

You don't want to work with someone who just agrees to any price you suggest. You want an expert who can offer guidance based on market data. A knowledgeable agent will use real-time local market data to help you set a price that grabs attention, attracts buyers, and ensures you walk away with a great return.

Remember, if your home’s price isn’t compelling, it’s not selling. Instead of aiming too high and scaring off potential buyers, work with a local agent who can help you price it right.

Let’s team up to ensure your home hits the Arizona market with the right price, gets noticed, and sells quickly! Contact me today at +1 480-298-5551 for a free consultation.