Selling your home in the San Francisco Bay Area? One of the biggest mistakes you can make is setting your asking price too high.
It might seem like overpricing gives you room to negotiate or could boost your profit, but the reality is, it often backfires. According to Realtor.com, nearly 20% of sellers — that’s one in five — end up reducing their price to attract buyers. That’s a situation you don’t want to find yourself in, and here’s why.
Overpricing your Bay Area Home Pushes Buyers Away
With today’s mortgage rates and home prices, buyers are already stretching their budgets. When a Bay Area home is priced too high, buyers aren’t thinking, “Maybe I can negotiate.” They’re thinking, “Next!” and moving on to other options.
The National Association of Realtors (NAR) explains:
“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers . . .”
If buyers skip over your listing, you’ll miss out on the chance to get them through the door — and fewer showings mean fewer chances to get an offer.
The Longer Your Home Sits on the Market, the More Skeptical Buyers Become
Here’s the other problem. Overpriced homes tend to sit on the market longer, and when that happens, buyers start to wonder: What’s wrong with it? Even if the only issue is the price, the extra time on the market creates doubt.
As U.S. News explains:
“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”
Eventually, you may feel forced to lower your price just to generate interest. But price reductions can raise red flags, and buyers might assume there’s an issue with the property.
The Secret to Finding the Right Price for your Bay Area Home
So, how do you avoid these pitfalls? The key is working with a local real estate expert who knows the Bay Area market inside and out — someone who can help you price your home correctly from the start.
A true professional will guide you with real-time data and market expertise, not just agree to a number you suggest without question. The right agent will set a price that grabs buyers’ attention, brings them through the door, and still helps you walk away with a great return.
Bottom Line for Bay Area Homeowners
In real estate, if the price isn’t compelling, it’s not selling. Instead of aiming too high and losing buyers for your Bay Area home, trust a local expert who understands the San Francisco Bay Area market and knows how to position your home to sell successfully.
Ready to sell? Contact your Realtor at Bay Area Modern Real Estate or call our office at 415-233-6821 for expert advice and personalized service. We’re here to help you make your next move!
