​​​​​​​​​​​​​​​​​​​​​​​​​​​Why Overpricing Hurts Your Sale — Especially in Our Market

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When a home is priced above what the market will bear:

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• Buyers skip the home

• The listing loses momentum

• Time on market stacks up

• Price drops become necessary

• Appraisal problems appear

• Negotiations get tougher

• Financing can fall through

 

Let’s take a closer look at why this happens.

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Overpriced Homes Rarely Sell Near Asking Price

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The idea that “you can always drop the price later” is one of the costliest misconceptions in real estate.

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Our experience — and national data — show that homes priced too high from the start usually sell for less than homes priced right the first time.

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You only get one chance to impress serious buyers.

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Overpriced Homes Sit Longer

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According to the National Association of REALTORS®, homes listed above market value can sit twice as long as those priced correctly.

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And in close-knit communities like Cheraw, Hartsville, and Bennettsville, buyers take notice.

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The longer a listing sits:

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• The more buyers think something’s wrong

• The less urgency they feel

• The more control shifts to the buyer

 

Buyer Searches Won’t Even Show Overpriced Homes

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Online search filters are precise. If your home is overpriced, it simply won’t show up for many of the buyers who are actively looking — even if it’s a perfect match otherwise.

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That one mistake can hide your home from qualified, ready buyers across our entire region.

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Marketing Can’t Save an Overpriced Listing

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Your listing has a short window of peak interest — typically the first 10–14 days.

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Even with national reach, stunning photos, and paid advertising, buyers won’t act if the price feels too high.

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Once that initial buzz fades, it’s difficult to regain momentum — even if you drop the price later.

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Price Reductions Send the Wrong Message

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When a home is overpriced, sellers often make one or more price cuts — but each one sends a signal:

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• “The seller got it wrong.”

• “Maybe something’s wrong with the house.”

• “Let’s wait for the next price drop.”

 

Even perfect homes suffer from the perception of trouble once price reductions begin.

 

Overpricing Can Derail the Appraisal

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About 90% of buyers use financing, and lenders require an appraisal.

Appraisers consider:

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• Local comparable sales

• Current market trends

• Property condition and features

• Verified, recent data

 

If the price isn’t realistic, the appraisal may come in low — causing delays, renegotiations, or cancellations.

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👉 Know your home's real market value — CLICK HERE TO REQUEST YOUR FREE HOME VALUATION REPORT

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The “Zestimate Trap”: Why Online Estimates Fail Sellers

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Zillow and similar websites use automated valuation models (AVMs). These tools do not know your home and often rely on incomplete public data.

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“No one from Zillow has been to your home,” says local real estate veteran Tonya Michael.

“They don’t see your upgrades, your land, or how your home fits into the neighborhood. Pricing right takes a real person — someone who knows this area.”

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Zestimates can be off by tens of thousands of dollars, and trusting them can lead you straight into the overpricing trap.

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Beware of Agents Who Inflate Prices to Win Listings

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Some agents tell sellers what they want to hear, not what they need to hear — quoting inflated prices just to get the listing.

But if their suggested price is far above:

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• Local appraisals

• Recent sales

• Real buyer activity

 

…it may be a red flag. At The Michael Group, we’ll always be honest — because your success depends on it.

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Relying on Outdated or Irrelevant Data

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The market changes fast. Pricing based on:

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• Last year’s neighborhood sale

• Past inflation trends

• Pandemic-era comps

 

…can result in pricing that no longer reflects reality.

That’s why we use current, local, and verified market data to guide every pricing recommendation.

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Overpricing Comes With Real Costs

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Financial Costs:

• Ongoing mortgage payments

• Insurance and taxes

• Utilities and maintenance

• Landscaping and upkeep

 

Emotional Costs:

• Showings that drag on

• Negative feedback

• Uncertainty

• Deals falling through

 

Pricing your home right helps avoid all of it — and keeps your move on track.

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How to Price Your Home Correctly From Day One

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✅ Get a professional, local market analysis
Not an online guess — real, boots-on-the-ground insight.

✅ Use accurate, recent comparable sales
We know the neighborhoods and backroads that make values vary.

✅ Price with the appraisal in mind
Avoid contract issues before they start.

✅ Work with experienced professionals
Tonya Michael, Courtlyn Michael Polson and our local team bring decades of hands-on expertise across Chesterfield, Marlboro, and Darlington Counties.

✅ Listen to honest, data-driven advice
Our family-run brokerage is here to tell you the truth — not just what sounds good.