Which is a common mistake sellers make when pricing their home?

Sellers often set the price of their home too high due to sentimental value. This mistake arises because homeowners tend to have emotional attachments to their property, which can cloud their judgment regarding its market worth. They may remember family gatherings or renovations they made, leading them to believe the home is worth more than it actually is in the current market.

Determining appropriate pricing requires a clear understanding of the local real estate market and comparable sales, rather than personal feelings associated with the property. Buyers are generally driven by objective criteria such as location, condition, and features, and if a home is priced above current market conditions, it may deter potential buyers or lead to extended time on the market.

The other considerations, such as undervaluing the property, failing to consider buyer demographics, or using neighborhood prices as a benchmark, can also be pitfalls but do not reflect the strong emotional influence that can lead to inflated pricing. In contrast, the mistake of setting a price too high stems primarily from a subjective viewpoint rather than an analysis of objective market data.