"During the pandemic, a perfect storm of historically low mortgage rates, remote work, and a scramble for more space fueled an unprecedented homebuying frenzy. During the pandemic, a perfect storm of historically low mortgage rates, remote work, and a scramble for more space fueled an unprecedented homebuying frenzy. This created a white-hot seller's market in which buyers were desperate to secure a home, leading to bidding wars and houses selling far above list price."
"In a nationwide HomeLight survey, 77% of real estate agents identified overpricing as the No. 1 mistake homeowners make when selling today. While it may feel tempting to "test the market" with a higher price, agents say this strategy almost always backfires in the current housing landscape. Using online tools and AI, buyers are more informed than ever. They can easily see what comparable homes ( comps) are selling for, and they are quick to dismiss listings they perceive as overpriced."
Historically low mortgage rates, remote work and a rush for space created a pandemic-era seller's market that produced bidding wars and sales far above list price. Those elevated sale prices left strong expectations for many homeowners. As the market has stabilized, many sellers now overprice listings based on those memories, which agents identify as the top current selling mistake. A HomeLight survey found 77% of agents cite overpricing as the primary error. Buyers use online tools and AI to compare comps and quickly dismiss listings perceived as overpriced, so pricing realistically and competitively from day one is essential.
Read at Black Enterprise
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