In a fast-paced real estate market, pricing your home correctly from the start is critical. But what happens if your home doesn’t sell, even in a "hot" market? How long should you wait before reducing the price, and how much should you reduce it by? Let’s break it down.

Why Pricing Matters

When selling a house, especially in a competitive market, overpricing can hurt your chances of getting the best possible price. While it may be tempting to "test the waters" with a high listing price, this strategy can backfire if your home lingers on the market without offers.

When homebuyers see a house sit on the market too long, they wonder, “What’s wrong with it?  Why hasn’t it sold?”  Sometimes, they won’t even go see the property, especially if it was under contract, and then put back on the market.  

Plus when you compare the price a house sells for after being overpriced, there’s a penalty that gets paid.  Data show that it will sell for far less than if it was priced right to begin with...