Unfortunately, a lot of sellers today are setting their asking price too high based on the condition of their home and the current market. That's leading to an uptick in price cuts.
The Number of Price Cuts Is Back at More Normal Levels
Listings with Price Cuts, March of Each Year
- 2017 = 299,882
- 2018 = 284,284
- 2019 = 294,788
- 2020 = 213,624
- 2021 = 82,436
- 2022 = 75,382
- 2023 = 165,604
- 2024 = 220,244
- 2025 = 302,260
Common Reasons Sellers Overprice Their Homes
Not Paying Attention To Current Market Conditions
Inventory has grown, so buyers have more options. If you price too high, buyers will skip over your house.
Pricing It Based on What You Want To Make
It should be priced based on what it's worth, not how much money you want to walk away with.
Leaving Wiggle Room for Negotiation
Some price too high thinking it gives them more room to negotiate, but what it really does it turn buyers away.
The best way to avoid this mistake? Lean on an agent.
"A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market."— Bankrate
Let's talk strategy. With the right price, you'll attract more buyers and boost your chances of getting multiple offers.
Sources: Realtor.com, Bankrate
Some Highlights
- Unfortunately, a lot of sellers today are setting their asking price too high. That's leading to an uptick in price cuts.
- Some of the most common reasons this is happening are that they're not paying attention to current market conditions or they re trying to leave room for negotiation.
- The best way to avoid this mistake? Connect with an agent to make sure your house is priced to pull people in, not push them away.
