I pulled comps for a client last week and the number we landed on was about 4% lower than what they expected. Not because the home wasn't great. It was. But the market right now is telling us something different than it was telling us in January.
Here's what I'm seeing on the MLS in our area this spring. Homes that are priced right, like genuinely priced where the data says they should be, are still moving in under 30 days. Homes that are priced even 5 to 7 percent above where they should be are sitting. And once a listing sits for three or four weeks, buyers start wondering what's wrong with it. That's a tough hole to climb out of.
If you're a first time seller, this is the part that catches people off guard. You bought your home a few years ago, you've watched values go up, and you have a number in your head. That number might be based on what your neighbor sold for last summer. But conditions shifted. Rates are still hovering around 7%, and that means buyers have less purchasing power than they did even 12 months ago. The pool of people who can afford your asking price might be smaller than you think.
I'll be honest with you, I don't have some secret formula or special edge that other agents don't. What I do have is the willingness to show you the real numbers and have a straight conversation about them. I'd rather price your home correctly on day one and get multiple offers than overshoot and chase the market down for two months.
For first time buyers reading this, there's a flip side. Sellers who are overpricing are giving you room to negotiate. If a home has been listed for 25 plus days, that's a conversation worth having. You can ask for closing cost credits, repairs, rate buydowns. Things that were almost impossible to get 18 months ago.
The move this quarter is simple. Sellers, trust the data, not the dream number. Buyers, pay attention to days on market because that tells you where you have leverage.
If you want to talk through any of this, reach out. I'm always happy to pull some numbers and just have a real conversation. Talk soon.