Most Staten Island Sellers Overprice by 8 to 12 Percent. Here's Why It Costs Them.
You are planning to sell your Staten Island home.
You have looked at recent comps. Your Realtor gave you a recommended price range. But you are wondering.
What if you just list a little higher? What is the harm in testing the market? You can always come down if you need to.
That thinking is exactly what costs Staten Island sellers real money.
Most overpriced homes do not just sit. They eventually sell for less than they would have earned with honest pricing from day one.
Let me walk you through why.
I am Allison Mireau with Real Connect Group.
The pattern I see over and over
A typical scenario.
A seller's honest market value is $700,000. Comps support this. The Realtor recommends listing between $695,000 and $715,000.
The seller wants to list at $779,000. "Let's see what happens. We can always reduce."
Week one: 8 online views. Two showings. No offers.
Week two: 6 online views. One showing. No offers.
Week three: same pattern.
Week four: seller reduces to $759,000.
Week five and six: slight uptick in views. One showing. No offers.
Week seven: reduces to $739,000.
Weeks eight and nine: modest activity. Two showings. One low offer at $685,000.
Week ten: reduces to $719,000.
Week eleven: offer at $675,000. Seller accepts.
Final sale price: $675,000.
Time on market: 11 weeks.
If the seller had listed at $705,000 honestly:
Week one: multiple offers. Best offer $710,000.
Time on market: 1 week.
The overpriced strategy cost this seller $35,000 in final price and 10 weeks in time.
This pattern repeats week after week in Staten Island.
Why overpricing fails
A few honest mechanisms.
1. You get filtered out of buyer searches
Buyers set price ranges in their online searches. If you list at $779,000, you are not visible to the buyers who set their max at $750,000.
Those are exactly the buyers who might have paid $700,000 to $715,000 for your home.
By overpricing, you invisibly filter yourself out of the buyer pool who would have paid your fair market value.
2. Buyer agents dismiss overpriced listings
Buyer agents in your area know the market. When they see a home priced 10 percent above comps, they mark it and move on.
They tell their clients to skip it. "Overpriced. Not worth the tour."
You lose access to the professional network that brings buyers to your door.
3. The freshness premium disappears
The first two weeks are when your listing has maximum visibility. Fresh listings get top placement in searches. New listing notifications go out.
Overpriced homes waste the freshness premium. By the time you reduce the price, the listing has aged and lost the automatic boost.
4. Days on market becomes a red flag
Sellers underestimate how much buyers watch days on market.
Days 1 to 14: fresh listing, buyer interest strong
Days 15 to 30: listing looks reasonable, buyer interest moderates
Days 31 to 60: buyer wonders "what is wrong with this home"
Days 60+: buyer negotiates aggressively assuming seller is desperate
Overpriced homes rack up days on market. The number itself hurts your negotiating position.
5. Reductions signal desperation
Price reductions are not neutral. Each reduction sends a signal.
First reduction: buyer thinks "seller was probably overpriced"
Second reduction: buyer thinks "seller is getting nervous"
Third reduction: buyer thinks "seller will accept anything"
Multiple reductions train buyers to lowball. The final sale price often lands well below the last listing price.
6. You lose the multi-offer opportunity
Homes priced at or slightly below fair market value often attract multiple offers. Multiple offers push the sale price up.
Overpriced homes rarely see multiple offers. You lose the competitive dynamic that drives price up.
7. The right buyer moves on
The buyer who would have paid your fair market value tours other homes. They find one they like. They buy it.
By the time you reduce your price to attract them, they are already in contract elsewhere.
The math of overpricing
Let me walk through it concretely.
Scenario A: Honest pricing
List price: $705,000
First offer: week 1 to 3
Accepted offer: $710,000 (competitive multi-offer situation)
Time on market: 3 weeks
Carrying costs during listing: $4,500 (3 weeks of mortgage, taxes, utilities)
Net position: Sale price $710,000, time on market 3 weeks
Scenario B: Overpricing followed by reductions
Initial list price: $779,000
Reduced to $759,000 after 4 weeks
Reduced to $739,000 after 7 weeks
Reduced to $719,000 after 10 weeks
Accepted offer: $675,000
Time on market: 11 weeks
Carrying costs during listing: $16,500 (11 weeks of mortgage, taxes, utilities)
Net position: Sale price $675,000, time on market 11 weeks
The gap
$35,000 lower sale price
8 additional weeks on market
$12,000 in additional carrying costs
Total loss: approximately $47,000
That is what testing the market often costs.
Why sellers still overprice
Understanding the psychology helps.
1. Emotional attachment to the home
Sellers who have lived in a home for years have emotional investment. They value the home based on their memories and improvements.
The market values it based on comps.
2. Belief the market will "adjust up"
Some sellers believe the market will move to meet their price. Rarely happens.
3. Anchoring to neighbor sales
Sellers anchor to what a neighbor got 18 months ago. But the market may have shifted since.
4. Testing the market mentality
"Let's see what happens" feels reasonable. In reality, it costs money.
5. Realtor pressure
Some Realtors quote high prices to win listings. Then push for reductions once they have the contract.
The Realtor giving you the honest read is worth more than the one who tells you what you want to hear.
6. Fear of leaving money on the table
Sellers worry that pricing at market value leaves potential money on the table.
The opposite is often true. Honest pricing creates competition. Overpricing eliminates it.
What honest pricing actually looks like
Honest pricing is not underpricing.
Honest pricing is:
At or slightly below current market value
Supported by recent comparable sales
Adjusted for your home's specific features
Reflects current market conditions
Positions your home to compete effectively
Well-priced homes:
Get strong buyer interest immediately
Attract multiple offers in favorable markets
Sell quickly at or above list price often
Command respect from buyer agents
Complete transactions cleanly
Overpriced homes:
Sit
Reduce price multiple times
Attract lowball offers
Sell for less than honest pricing would have earned
Complete transactions after significant frustration
The math consistently favors honest pricing.
The overpricing tax
There is a real cost to overpricing that sellers underestimate.
1. Carrying costs
For each additional month on market:
Mortgage payment
Property taxes
Insurance
Utilities
Maintenance
For a typical SI home, this can be $4,000 to $6,000 per month.
An overpriced home sitting for 3 extra months costs $12,000 to $18,000 in carrying costs alone.
2. Missed opportunities
While your home sits, other transactions happen. Your NJ purchase may face timing issues. Your family may face stress.
3. Reduced negotiating position
The longer the listing sits, the weaker your negotiating position. Buyers assume you are motivated.
4. Cumulative price reductions
Each price reduction represents money lost. The final sale price often lands well below the initial reduction target.
5. Emotional and time cost
Extended time on market is emotionally exhausting. Every showing feedback becomes stressful. Every price reduction feels like defeat.
How to know if you are overpricing
Some honest signals.
1. Your Realtor is uncomfortable with the price
If your Realtor says "let me give you the honest read" and it is lower than you wanted to hear, that is data.
Do not push them to raise it. Consider whether their honest read is accurate.
2. Recent comps do not support your price
Look at actual sold prices for similar homes in the last 6 months. If your price is 5 to 15 percent above them, that is overpricing.
3. Days on market is climbing
If you are past 30 days with limited interest, the market is telling you something.
Two weeks of activity is normal. 4 to 6 weeks with no offers means the price is off.
4. Buyer feedback mentions the price
If multiple showings produce feedback like "buyer loved the home but felt it was overpriced," believe them.
5. Similar homes are selling faster
Compare your listing to similar homes in your area. If they are selling within 2 to 4 weeks and yours has been sitting for 6+, the difference is often price.
6. Views are low compared to similar listings
If your online views are noticeably lower than similar listings, the price may be filtering you out.
What to do if you have already overpriced
If you are already on the market and realizing you may have overpriced, act.
1. Talk to your Realtor honestly
Get their real assessment of the situation.
2. Understand the reduction strategy
Not all reductions are equal.
Small reductions (2 to 3 percent) often do not create the fresh attention needed
Meaningful reductions (7 to 10 percent) can reset buyer attention
Aggressive reductions (12+ percent) look desperate
The right size depends on how far off your pricing was and the current market.
3. Reduce decisively
Half-measures often produce half-results. If you need to reduce, reduce meaningfully.
4. Refresh the marketing
A price reduction alone is not enough. Consider:
Fresh photos
Updated description
Renewed marketing push
New open house
Refreshed buyer agent outreach
5. Consider taking it off the market and starting fresh
In some cases, taking the home off the market for 30 to 60 days and relaunching with new marketing can reset buyer perception.
Discuss with your Realtor whether this fits your situation.
When overpricing might work
A few honest exceptions.
1. Truly unique properties
Homes with genuinely unique features (waterfront, exceptional view, historic significance) may have wider pricing latitude.
But even unique properties usually benefit from strategic pricing rather than testing the market.
2. Very tight inventory in specific segments
If your specific home is truly rare in the current inventory, pricing more aggressively may work.
But this is rare.
3. Buyer segment premium
Some buyers pay premium for specific features. If you have those features and can market to those buyers, some price premium may hold.
For most SI sellers in most situations, honest pricing produces better outcomes.
What I tell every seller about pricing
A few honest things.
The market determines value, not sellers
Testing the market usually costs money
Multiple reductions signal problems
Days on market matters
The first two weeks are the freshness premium
Honest pricing creates competition
Competition drives price up
Overpricing eliminates competition
The math favors honest pricing.
What I do for every listing
When I take a listing, I:
Do a thorough CMA. Real analysis with current comps.
Have an honest pricing conversation. Explain the reasoning behind my recommendation.
Discuss the trade-offs. Faster sale vs pushing for higher price.
Support the seller's ultimate decision. But be clear about the implications.
Execute the marketing plan. Regardless of the pricing decision.
Adjust if needed. When market data confirms the need.
My goal is a strong outcome. That requires honest pricing paired with strong marketing.
What I will not pretend to advise on
I am not an appraiser. For formal appraisals, work with a licensed appraiser. The CMA I provide is a market analysis, not a formal appraisal.
All of our work follows the Fair Housing Act, RESPA, the NAR Code of Ethics, and the real estate commission guidelines for New York and New Jersey.
Before you list
Get an honest CMA. Understand the market data. Ask your Realtor for their honest read.
Then price to attract buyers, not to test whether the market will pay above value.
That is what produces the strongest sales and protects your money.
Have questions about selling your home or relocating? Reach out to Allison today.
Call: 646.266.0188
Email: [email protected]
Website: www.statenislandtonewjersey.com
Contact Allison today to sell your home in SI.
