Overpriced Homes Sit. Strategic pricing sells.

One of the most common and costly mistakes I see sellers make across the North Shore and greater Chicagoland area is overpricing their homes. Whether it’s rooted in emotional attachment, an attempt to recoup past investments, or a misunderstanding of today’s market dynamics, pricing a home too high can quickly backfire. As a trusted real estate advisor with deep market knowledge, my role is to help sellers understand not just what they hope to get, but what the market will actually bear. Because the consequences of missing the mark can be significant.

In today's digital-driven real estate landscape, most buyers begin their home search online and filter results based on price. If your home is priced above that sweet spot even by as little as 5% you may be completely invisible to qualified buyers. That means fewer online views, fewer showings, and ultimately, fewer offers. Worse, an overpriced home creates a poor first impression, signaling to buyers that the seller is either unrealistic or unwilling to negotiate. In a market where buyers are cautious, informed, and uncertain about mortgage rates, this sends the wrong message right out of the gate.

The first two weeks on the market are critical. This is when a listing gains the most attention and momentum. If the price is too high, that initial buzz fizzles quickly, and the listing begins to sit. As days on market climb, the home risks becoming “stale,” and buyers start asking, “What’s wrong with it?” Even if a price reduction comes later, that early loss of momentum is difficult to recover from. In fact, homes that start overpriced often end up selling for significantly less than they would have if priced correctly from the beginning.

There’s also the issue of attracting the wrong buyers. If your home is priced in a luxury bracket, buyers will expect high-end finishes and premium features. When they arrive and the home doesn’t meet those expectations, they walk away and often, they don’t come back. Meanwhile, qualified buyers who may have been the perfect fit for your property never considered it because it was priced out of reach.

Beyond the strategic implications, there are real financial costs as well. Every additional week your home remains unsold means more money spent on mortgage payments, property taxes, insurance, utilities, and upkeep. If you’ve already purchased another home or relocated, those carrying costs can add up quickly. There’s also the increased risk of appraisal issues if a buyer does make an offer. Even if they agree to your price, their lender will require an appraisal and if it doesn’t support the contract price, the deal could fall apart.

As a North Shore real estate expert, I’ve worked with sellers who wanted to push the market. But experience has shown that strategic pricing backed by data, market trends, and buyer behavior consistently yields stronger outcomes. Proper pricing means more interest, more showings, and better offers in less time. It’s also how we protect your equity and reduce the stress that often accompanies a long listing process.

If you're preparing to sell and want to make smart, informed decisions that reflect today’s market realities, I’d be happy to help. Pricing is not a guess, it’s a strategy. And with the right approach, we can ensure your home is positioned to stand out and sell with confidence.

HELPING YOU MOVE FORWARD®