Let’s be real: painting a high list price and hoping for the best used to work. But in today’s market, it’s a strategy that can backfire — and fast.
Overpricing does more than slow traffic to your property. It threatens your entire timeline. If a home sits, buyers assume something’s off. And even when you eventually cut price, that late shift can feel desperate — which damages perception. Many recent surveys and reports show that homeowners are delisting without ever getting an acceptable offer. In a survey by John Burns Research & Consulting and Keeping Current Matters, over half of agents say unrealistic price expectations are a leading reason homes are pulled off market.
Lisa Sturtevant, Chief Economist at Bright MLS, sums it up this way:
“Buyers will have more leverage in many, but not all, markets. Sellers will need to adjust price expectations to reflect the transitioning market.” Locally, Sellers still have good leverage, however, buyers and their agents know the market. A strategy of “pricing high to see what happens” still won’t work.
So, it’s not just about selling, it’s about making sure you get to sell on your timeline.
The Market Action Index (“MAI”) that you can find for each city and suburb as part of the Market Reports on our website (https://lynwisegroup.com/hows-the-market-reports) provides a quick answer to “How’s the Market?” by comparing rate of sales versus inventory.
Locally, the market has been cooling over time and prices have recently flattened. Despite the consistent decrease in MAI, we’re in a Seller’s Market, where significant demand leaves little inventory available. If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
What that means: It’s not unreasonable for well-priced, well-conditioned homes to generate multiple offers — but only if the price is realistic.
Bottom line: Buyers here expect pricing that aligns with the comps. Even a small overprice can push them to look elsewhere.
Meaning: For example, the market in Deerfield is competitive, but buyers are still looking for value.
The Price Zone That Wins
Here’s the goal: find the sweet spot where your property looks better than comparable listings, but doesn’t sit stagnant.
- Start with deep, hyperlocal comps — same block, same style, same condition.
- Factor in your upgrades (kitchens, baths, systems) and your “draggers” (needed repairs, outdated finishes).
- Use buyer psychology to your advantage: a home priced just below a major threshold (e.g. $799,900 instead of $825,000) can attract more views.
- Be ready to adjust quickly: if after 7–10 days there’s no real traction (showings, offers), re-evaluate.
How the Right Agent Helps You Win
The sellers getting results in this market are those who partner with agents who:
- Understand micro-markets (one Highland Park block can behave very differently than the next)
- Are rigorous about comp selection, pricing strategy, and plan B
- Are honest and data-driven, not just aiming for a big commission
- Are nimble: ready to pivot if the market feedback is clear
In Summary
Overpricing isn’t just suboptimal, it’s dangerous. In Highland Park, Northbrook, and Deerfield, for example, we see homes still sell well, but only if priced correctly from the start. The longer a home lingers, the more leverage the buyer has and the more disadvantageous your position becomes.
Let’s look at your specific property, block, condition, upgrades, and create a strategy that gives you both speed and value.
