The #1 Thing Sellers Need To Know About Their Asking Price in Southwest Florida

The #1 Thing Sellers Need To Know About Their Asking Price in Southwest Florida

When you list your home in Sarasota, Lakewood Ranch, or Venice, your goal is clear: sell quickly and for the best price possible. However, many sellers today are setting their asking prices too high, unaware that the market has shifted due to increased inventory. As a result, price reductions are becoming more common—but they don’t have to be. Here’s why.

According to data from Realtor.com, in February, price cuts were the highest they’ve been in any other February since 2019 (see graph below):

The Market Has Shifted

According to Realtor.com, February saw the highest percentage of price reductions for that month since 2019. That’s significant because 2019 was the last truly balanced market before the unprecedented surge in home prices during the pandemic.

This isn’t the frenzied seller’s market of a few years ago. You may not be able to command the same price your neighbor did at the height of the market. It’s essential to reset expectations and adapt to today’s real estate landscape.

Why Pricing Correctly Matters

If you set your price too high and then have to reduce it, you may end up with lower offers than if you had priced it correctly from the start. So, how do you avoid this costly mistake? You rely on a skilled local real estate agent.

How a Local Expert Helps You Price Right

A knowledgeable agent doesn’t guess when pricing your home. Instead, they use real data and market trends to determine the right price. Here’s how they do it:

• Comparing Recent Sales: They analyze what similar homes in Sarasota, Lakewood Ranch, and Venice have actually sold for—not just their listing prices.

• Assessing Local Market Trends: Your home’s value is based on what buyers in the area are willing to pay, not just what you hope to get.

• Developing a Pricing Strategy: Your agent may even suggest pricing slightly below market value to generate more interest, attract multiple buyers, and create competition.

The Risk of Overpricing

Some sellers still prefer to list high just to see what happens, hoping for full price or room for negotiation. But this strategy often backfires:

• Buyers May Skip Your Listing: Today’s buyers are price-conscious. If they see a home priced too high, they may not even consider it.

• Your Home Could Sit on the Market Too Long: The longer it sits, the more buyers assume something is wrong, making it even harder to sell.

• You Might End Up With Less: Homes that require price cuts often sell for less than if they had been priced correctly from the start.

You can see that shake out in the graph below. It uses data from the National Association of Realtors (NAR) to show that the longer a house sits, the less it’ll sell for:

The Numbers Don’t Lie

Data from the National Association of Realtors (NAR) shows that homes priced right sell within the first four weeks at or near the asking price. The longer a home stays on the market, the more likely it will sell for less than the original price.

Bottom Line

Overpricing can cause unnecessary delays and lead to lower offers. The best way to ensure a quick and profitable sale is to work with a local expert who understands the real estate market in Sarasota, Lakewood Ranch, and Venice.

Let’s connect to determine the right pricing strategy for your home so you can sell quickly and for the best price possible.