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When you're getting ready to sell your home, one of the biggest decisions you'll make is the asking price.

It's also one of the decisions that can have the greatest impact on your final result.

Many sellers naturally want to start high. The thinking is understandable: "We can always come down later."

The Market Determines What Your Home Is Worth

As homeowners, we naturally attach value to the improvements we've made and the memories we've created. Buyers don't look at a home the same way.

They compare your property to other homes currently available and to similar homes that have recently sold. Location, condition, size, updates, acreage, garages, outbuildings, and dozens of other factors can influence what they're willing to pay.

Ultimately, a home's market value isn't determined by what the seller needs to get out of it or what someone believes it should be worth.

Overpricing Can Cost You Buyers

Today's buyers have access to more information than ever before. They can quickly compare homes, prices, photos, features, and recent sales.

When a home is noticeably overpriced, many buyers won't make a lower offer. They simply won't schedule a showing.

That matters because the goal when your home first hits the market is to generate as much qualified buyer interest as possible.

The First Days on the Market Matter

A new listing gets attention. Buyers who have been waiting for a home in your area receive notifications. Agents send the listing to their clients. People share it online. Showings begin.

That's your opportunity to make an impact. If buyers see the property and believe the price makes sense, you may generate multiple showings — and potentially multiple offers.

If they believe it's overpriced, they may decide to wait. A few weeks later, even after a price reduction, those same buyers may start wondering why the home hasn't sold.

Why "We Can Always Lower It Later" Can Backfire

You absolutely can reduce the price of a home. But a price reduction doesn't make the listing new again.

By that point, some buyers may have purchased another property. Others may assume there's something wrong with the house. And new buyers can see that the property has been sitting on the market.

Instead of creating urgency, the conversation can shift to:

Pricing Correctly Doesn't Mean Pricing Low

There's an important distinction between pricing a home correctly and underpricing it. The goal isn't to give your home away.

The goal is to identify a price that makes sense based on the property, recent comparable sales, current competition, and today's market conditions.

In some situations, a strong pricing strategy can attract multiple interested buyers. When buyers compete for a property, the market — not an inflated asking price — can push the final sale price higher.

Every Property Requires a Different Strategy

Western New York has an incredibly diverse housing market.

A home in the Village of Medina may need to be evaluated differently from a rural property with acreage. A Lake Ontario property presents different considerations than a home in a subdivision. Garages, barns, land, renovations, school districts, taxes, and location can all affect value.

That's why simply looking at an online estimate or the price of one nearby home isn't enough. Good pricing requires looking at the entire picture.

Start With a Strategy

Selling your home isn't just about choosing a number and putting a sign in the yard. The price affects your marketing, your showings, your negotiating position, and ultimately your ability to get to the closing table.

Getting it right from the beginning gives you the best opportunity to create buyer interest when your listing has the most attention.

The Kennedy Real Estate Team — Taking the Stress Out of Real Estate.