In Brooklyn and Manhattan’s luxury market, sellers often assume that pricing high leaves room to negotiate—but the reality is, overpricing can cost you far more than you think.

The First 30 Days Matter—A Lot

When your home first hits the market, it’s new, exciting, and getting the most attention it ever will. If the price is too high, buyers will scroll right past it in favor of better-priced options. The longer your home sits, the less desirable it becomes. Even the best properties lose momentum if they linger.

The List Price and the Sale Price Are Two Different Things

Many sellers forget: the list price is just a strategy—the sale price is what buyers are actually willing to pay. A well-priced home attracts multiple buyers, which drives competition and, often, a final sale price well over the asking price.

Why Underpricing Can Get You a Higher Offer

It sounds counterintuitive, but in this market, pricing slightly below perceived market value can actually create a bidding war, pushing offers above what you would have gotten if you had overpriced in the first place. When buyers see value, they move quickly, and in competitive markets like Brooklyn and Manhattan, that urgency leads to stronger offers with better terms.

The Problem with Overpricing

• You Help Sell Other Homes – Buyers will compare your overpriced home to similar, better-priced properties and choose the competition instead.
• You Attract the Wrong Buyers – The right buyers won’t even see your home because they’re searching in the price range it should be in.
• Appraisal Issues Can Kill Your Deal – Even if you find a buyer willing to pay more, a low appraisal can force a painful renegotiation or cancel the deal altogether.

Bottom Line

Pricing isn’t about what you want—it’s about what the market will bear. A strategic price gets buyers in the door, creates demand, and ultimately leads to the best possible outcome: strong offers, faster sales, and less stress.

Thinking about selling? Let’s have a real conversation about what your home is worth in today’s market. Reach out—I’d love to help.

Abigail Palanca
Licensed Real Estate Salesperson
The Abby Palanca Team at SERHANT.