Monique Danao
4 min read
Frustrated homeowners across the U.S. are reluctantly slashing asking prices by tens of thousands of dollars as the real estate market shifts out of their favour.
After years of soaring home values, today’s market tells a different story — buyers are cautious, mortgage rates are high and inventory is swelling.
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According to a recent Redfin report, the median U.S. home seller is now asking for 9% more than what buyers are willing to pay. That amounts to a roughly $39,000 gap — a significant miss for those relying on their home sale to fund their next move.
As sellers adjust to a slower pace and more selective buyers, they ask a critical question: Should I price high and wait, or price low to sell fast?
Here’s what the data says about the risks of waiting, the rewards of pricing strategically and how to strike the right balance.
Holding out for top dollar may sound appealing, but it can cost you in today’s market. Homes that linger on the market accrue thousands in carrying costs, from mortgage payments and property taxes to maintenance and insurance.
Take, for example, a $500,000 home with estimated monthly costs of $3,000. If it sits unsold for three extra months, that’s $9,000 in out-of-pocket expenses — not including price reductions or buyer concessions.
There’s also market risk. Rising inventory is giving buyers more leverage. Realtor.com data show active listings were up 30% year-over-year in April. As more properties hit the market, sellers risk being edged out by newer, better-priced homes.
And then there’s opportunity cost. MarketWatch reports sellers like Spencer Bauman in Utah, who had to cut $75,000 from his asking price after 72 days with no offers, face delays in moving forward with their next purchase or financial goals.
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Getting the price right from the start can lead to a faster sale, less stress and more money in your pocket.
