year (2020 - 2021) that does not mean a home should be priced way above those numbers. An overpriced home still experiences longer times on the market. Those homes that exhibited the highest price bidding war were priced properly from the beginning. Greedy home sellers thinking they could start right out of the gate at an inflated price quickly learned that the home had fewer showings and fewer if any offers. Homes that grew stale for months sold for an average of 11% below the original list price. The bottom line is that the longer your home sits on the market, the less it will sell for. Length of time on the market has buyers always asking... "what's wrong with it". What you don't want to do is price the home high to see what will happen with the idea that "we can always lower the price if we don't sell for the higher price". This sets a seller up for failure as the home, especially in a market where homes fly off the shelf in 2 days, that sits on the market for even 20 days gets stigmatized very quickly. As a seller, keep in the forefront of your mind three things as you determine the initial listing price. First, sentimentality has no dollar value. Although you have emotional connections to your home, the buyer does not. Most buyers being shown many properties do not expect yours to be “the one”. You will have to work to get them to that decision. Avoid letting sentiment play a part in pricing the property. Set all emotions aside during the selling process. Buyers look for cues to figure out your motivation to sell. Second, just because your neighbor put their home up for sale at some inflated price does not mean it will sell for that (and many times doesn't). Pricing your home the same way usually ends up with both homes sitting on the market and then sellers lowering their price or taking the home off the market completely. There's a science to pricing a home properly based on comparable
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