Setting the right price is one of the most important decisions when selling your home. Price it too low, and you leave money on the table. Price it too high, and your house could languish on the market for months, scaring away buyers and costing you thousands. Let’s break down why getting your listing price right the first time matters—especially if you’re selling in Indiana or Illinois in 2026.
Why Overpricing Hurts Your Sale
Overpricing might feel like a safe move—you leave room to negotiate, right? Not exactly. Here’s what typically happens:
- Less Interest from Buyers: Most buyers search within a certain price range. Price too high, and your home won’t even show up in their search results.
- Longer Days on Market: A home that sits too long can develop a stigma. Buyers start asking, “What’s wrong with this property?”
- Lost Leverage: The longer a home sits, the more motivated the seller appears to be. Negotiating power slips away.
- Lower Final Sale Price: Ironically, homes that start too high often sell for less than homes priced right from the start, especially if buyers demand concessions after months of waiting.
What Happens in Indiana vs. Illinois
- Indiana Sellers (Munster, Dyer, Schererville): Buyers here tend to shop efficiently. They know market comps and are less likely to overpay. Overpricing may lead to very few showings and even missed opportunities with investor buyers who act fast.
- Illinois Sellers (Naperville, Chicago suburbs): The market is more competitive, but buyers are still savvy. A $800k Naperville home priced $50k above market may get almost no attention, while a well-priced home could spark a bidding war.
How to Price It Right
- Start with a Comparative Market Analysis (CMA): Look at similar homes recently sold in your neighborhood, including size, condition, and amenities.
- Consider Market Conditions: Inventory, interest rates, and buyer demand all matter. Check out recent data for your area before deciding.
- Factor in Timing: There’s a “sweet spot” for listing. Check our guide on When Is the Best Time to List Your Home for tips.
- Don’t Overestimate Your Upgrades: Cosmetic upgrades might not increase value dollar-for-dollar. Focus on improvements that actually attract buyers.
Real World Example
Here’s a real-world scenario: I represented buyers on a Naperville home that was perfectly fine but priced about 10% too high. While similar homes in the neighborhood were selling quickly, often with multiple offers, this house lingered on the market for over two months, requiring several price reductions. In a hot market, that immediately raises red flags for buyers.
By the time the price finally aligned with the market, my buyers were able to negotiate an additional 7% discount because the property had been sitting so long.
In short, the initial overpricing cost the sellers three months of market time and ultimately resulted in a sale below true market value.
Key Takeaway
The first price matters. Overpricing can cost time, money, and leverage, no matter if you’re in Indiana or Illinois. Getting it right from the start is the fastest, most reliable path to a successful sale.
If you want help tailoring a pricing strategy for your home and market, contact us. We can crunch the numbers, analyze comps, and help you set a price that attracts buyers—and keeps your sale moving smoothly.
