In today’s real estate market, one thing is clear: it's not 2021 anymore, and pricing your home based on peak pandemic-era sales is a mistake that could cost valuable time, money, and opportunities. Pricing correctly has always been important, but in a shifting market like today's, it can truly make or break a seller’s success.
The Reality of Today’s Market
Many homeowners still believe their property is worth more than their neighbor’s, and many are tempted to price according to what homes sold for during the market highs of 2021 and early 2022. However, the current market has evolved. While it isn’t crashing, it is correcting—and buyers are taking notice.
Today’s buyers are better informed, more cautious, and increasingly selective. Homes that hit the market overpriced often linger longer, creating a red flag in buyers' minds. Even if the home is in excellent condition, a long time on the market raises questions: Why hasn't it sold?
The Surge in Price Reductions
Recent data from the RMLS for the Portland metro area clearly shows a significant rise in price reductions compared to 2023 and 2024. Sellers who initially overprice often find themselves chasing the market downward with multiple reductions—losing valuable leverage in the process. Homes that sit without offers gradually lose buyer interest, even after a price adjustment.
The message from the market is loud and clear: Homes priced right from the start generate more attention and sell faster.
Higher Inventory = Greater Competition
Another major factor influencing today’s pricing strategy is the level of inventory. There are currently more homes on the market than in previous years, giving buyers a wider range of options. When buyers are comparing properties, the first thing they notice is the price—even before they step inside.
Strategic pricing is critical. Sellers who emotionally attach a higher price to their home without regard to current market dynamics risk being overlooked in favor of better-priced competitors. Successful pricing strategies consider hyper-local data, recent neighborhood sales, the type of home, and the price bracket buyers are currently active in.
What’s Selling Now?
Examining current trends shows a steady stream of new listings, particularly during the spring season. However, the homes that are actually closing are not just priced right—they are highly updated as well. Homes today are not flying off the shelves like they were two years ago. Those that do sell quickly tend to be the ones that check both boxes: competitively priced and move-in ready.
The widening gap between the number of new listings and the number of closed sales makes one thing abundantly clear: Pricing matters more than ever.
Key Takeaways for Sellers
Price for today’s market, not for the peak market of two years ago.
First impressions matter—buyers often decide based on online listings and price comparisons before ever setting foot inside.
Longer days on market hurt leverage and invite buyer skepticism.
Standing out is everything—especially when inventory levels are higher and competition is fierce.
Highly updated homes that are priced accurately continue to perform best.
Pricing your home is not about testing the market with high hopes; it’s about being strategic, realistic, and informed. A well-priced home attracts more showings, more offers, and ultimately achieves better results for sellers.
If you are considering selling your home, partnering with a knowledgeable real estate advisor who understands your specific neighborhood dynamics and today’s buyer behavior is crucial. The right pricing strategy can make all the difference in a shifting, competitive market.
Join Michele and Randolf on the this week's market update video: