FYI: The Truth About Home Pricing

In today's Contra Costa County market, pricing strategy has never been more critical. With homes selling for a median price of $825K but taking 20 days to sell compared to 13 days last year, plus home prices down 4.6% and inventory increases across most bedroom categories, sellers who get pricing wrong are paying a steep price.

The Overpricing Trap

As "House Selling for Dummies" puts it: "Ironically, instead of getting more money... [overpricing] usually stigmatizes a property and reduces the eventual sale price to less than it would have been with more realistic pricing."

With sales volume down from 1,069 homes sold in May 2024 to just 941 homes in May 2025, and increased inventory giving buyers more choices, overpricing is particularly costly in today's market.

Market Reality Check

Here's the crucial truth: Neither agents nor sellers determine market value – only willing and able buyers do. The vast majority of buyers simply won't make offers on overpriced homes. In our current slower market, they have time to be selective and will move on to better-priced alternatives.

Well-priced homes still create urgency and competitive bidding, which remains the most reliable way to maximize your sale price.

The Cost of Overpricing

Overpricing wastes the most valuable moment in your marketing lifecycle: your debut. This initial attention cannot be recaptured. Overpriced homes kill buyer urgency, eliminate competitive bidding, and actually help your competition by making their properties look like better values.

If you've overpriced, price reductions must be substantial – typically at least 5% – to regain market attention.

The Winning Strategy

To maximize your return in today's market, price it right from the start using current data and comparable sales, prepare your home to show perfectly, implement comprehensive marketing, and hire an experienced agent who negotiates effectively.

In a market where the median price per square foot stands at $517, implementing an effective pricing strategy from the outset can significantly increase your profits by tens or even hundreds of thousands of dollars.

Remember, you rarely have a second opportunity to make a first impression. Set the price appropriately to allow the market to work in your favor.

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