Overpricing is a terrible idea in the housing market — but not always in land.
There’s a certain group of agents who’ll list a property at almost any price just to get their foot in the door.
The thinking is: get the listing, and once the seller sees the price is unrealistic, they’ll come down.
From the seller’s side, even if they know it’s high, it’s tempting. They stand to gain if it works — and they can always adjust later, right?
That premise isn’t completely wrong.
But you have to be careful.
From a marketing standpoint, your property gets the most attention right after it hits the market. Most buyers today are plugged in and will spot an overpriced listing immediately. Once they cross it off, it’s tough to get them back.
Then it sits. And the longer it sits, the more people assume “something must be wrong.”
Meanwhile, the clock is ticking on carrying costs — mortgage, taxes, insurance — eating away any imagined gain.
So yes, be optimistic. But overplaying it can backfire fast.
Especially with houses.
Land can be different. Different buyers see different value, and if you own it outright with an ag exemption, your costs to hold can be next to nothing. So waiting doesn’t hurt as much.
Plus, land buyers are often investors or developers. If the market rises, they may be willing to meet your price later.
The land market is a different animal from housing.
Many buyers are actually in the business instead of looking for somewhere to live. If something doesn’t work for them today, that doesn’t mean it won’t later.
That doesn’t make overpricing good — but with land, it’s often less harmful. And sometimes, it’s even strategic.
If I were listing a house worth $1 million and the owner wanted to ask $1.3M? Not worth anyone’s time. It would hurt the seller more than help.
I wouldn’t take that listing.
But land? Can be a different story.
If I think it’s worth $1M, listing it for $1.2M or $1.3M can make sense — especially if selling isn’t urgent. You might not be trying to sell, but if someone overpays… maybe it’s worth a look.
If it doesn’t take huge effort on your part, is it a crazy idea to put your property out there a little high just in case?
PS — You’re probably not looking to sell today. But it never hurts to have up-to-date info. I offer free reports on any property showing recent nearby sales and current opinion of value.
Is it ever not worth knowing what your property is worth today? Even if you aren’t ready to sell?
If someone were to offer you “too much,” would it really be a terrible idea to listen?
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