Selling a house can be a challenging process, and one of the most critical factors influencing a successful sale is the price. If your house has been on the market for an extended period without any offers, it may be time to reevaluate your pricing strategy.

Especially with today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) says:

“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”

Why Setting the Right Price Matters

In the quest to maximize returns, homeowners often overestimate the value of their property. However, it's crucial to recognize that a house will sell for what buyers are willing to pay in the current market conditions. Emotions tied to the home can cloud judgment, making it difficult to set a realistic price.

This can be a hard thing to accept. Especially since emotions can run high during the selling process, which only complicates matters more. After all, you may have lived in this house for years, so it’s only natural you’re emotionally tied to it – and those heartstrings can make it harder to be objective.

But it’s important to acknowledge that a bigger-than-expected price tag deters buyers and may make them dismiss your house as a possibility before even seeing it. And if no one’s looking at it, how will it sell?

While parting with a beloved home can be emotionally challenging, it's essential to approach the selling process with a clear and objective mindset. Overpricing your house may hinder its marketability, leading to extended days on the market. By partnering with a local real estate agent, you can navigate the complexities of pricing, ensuring your property stands out in a competitive market.

So, if your house hasn't sold yet, it might be time to reconsider the asking price and take the necessary steps to set a realistic value that attracts potential buyers and closes the chapter on this homeownership journey.