Why Your Listings Aren't Selling: Master Competitive Pricing to Close Faster

Hey guys, here’s something really important:

70% of all the listings in America right now have been on the market for over 30 days, and about 50% have been on for over 60 days.

That should sound some alarm bells if your listings are in that category. One challenge you might be facing is the seller's perception of the market versus the reality.

For the last 10 years, sellers have gotten used to hearing stories of listings getting tons of showings, multiple offers, and selling at or above asking price. But the market is changing. If we look closely at different price categories in the U.S., we’ll find that many price bands have shifted into a buyer's market.

A buyer's market means there’s more than six months of inventory, giving buyers more control and power. Sellers still have leverage in the lower price tiers, but in the upper markets, buyers are gaining more power.

So, what do we do? How do we educate our sellers? The key is understanding the difference between comparable pricing and competitive pricing—two very different things.

Typically, when a REALTOR lists a home, they focus on comparables, acting much like an appraiser to show what similar homes have sold for. But in a changing market, relying solely on comparable sales can mislead sellers and lead to overpricing.

Instead, we need to introduce a competitive pricing strategy. Show your sellers comparable sales, but also talk about competition. The market is shifting quickly, so it's crucial to address the active listings that are competing for buyers' attention.

Show your sellers the Days on Market for comparable homes and highlight price reductions that other sellers have made to attract buyers. Do the same for pending and sold properties—relate their pricing strategy to how long the homes were on the market and the price adjustments they made.

This approach gives your seller a complete, holistic view of the market. It allows you to have an honest conversation, saying, "We don't want your home sitting on the market for 60, 90, or 120 days." When a property sits too long, buyers might think there's something wrong with it, and it becomes stagnant. The faster you sell, the higher the price you'll get.

You can back this up with data from your MLS, showing that homes sold within the first 30 days get a certain percentage of asking price, while homes that stay on the market longer tend to sell for less.

Do your homework. Talk to your sellers about competitive pricing, not just comparable pricing. Educate them, and let them make informed decisions. The longer a home stays on the market, the lower the offer sellers tend to get. So, be proactive in guiding them with data and insight!

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+ 32 Years of Real Estate Sales, Management, and Coaching Experience
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