No Rush to Sell: Why Waiting Often Works Against You
A common phrase sellers use when putting their home on the market is: “We’re in no rush to sell. We’ll wait for the right buyer.”
At first, this sounds calm and strategic. But in practice, it often results in months of inactivity, repeated price drops, and eventually a lower sale price than expected. In a property market where buyers are increasingly informed and cautious with their spending, overpricing a home and waiting for the right or magical offer is often a risk that rarely pays off.
Why Overpricing Backfires
1. Buyers Are Informed and Compare Everything
Buyers no longer solely rely on the agent’s market knowledge. Today, buyers research online before even booking a viewing. They compare homes not only by suburb, but also by street, square metre, and finishes.
If your property is priced noticeably higher than a similar one in the same area, buyers are unlikely to think it offers something special. More often, they assume it is simply overpriced and skip over it.
Instead of making your home stand out, an inflated price could make it invisible in searches and irrelevant to serious buyers.
2. The “Golden Window” is Short
Every property has a short launch period, often only 2–4 weeks, when it receives maximum exposure. During this time, it appears higher in online search results, is actively promoted by agents, and generates the most enquiries.
If the price is set too high during this crucial window, buyers won’t book viewings. By the time the price is reduced later, the listing has already gone “stale”. A stale listing immediately raises concerns: Why hasn’t this sold yet? Is there something wrong with it?
Just like fresh produce in a supermarket, buyers are drawn to new, fairly priced stock and not to what has been sitting on the shelf for months.
3. The Price-Reduction Spiral
Once a property misses its golden window, sellers often try reducing the price in steps. But gradual reductions rarely restore buyer interest.
Instead, this process creates a negative cycle:
- The home gains a reputation as “the one that’s been sitting forever.”
- Buyers become suspicious and wait for the next reduction.
- Eventually, the property sells below what could have been achieved if it was realistically priced from the start.
In other words, chasing the market down often costs sellers more than simply pricing correctly at the outset.
4. Holding Costs Quietly Eat Away at Profit
Many sellers underestimate how expensive it is to keep a property on the market. While waiting for a better offer, they continue paying:
- Bond instalments
- Municipal rates and taxes
- Levies (in complexes or estates)
- Security expenses
- Ongoing maintenance and cleaning to keep the home presentable
Over several months, these holding costs add up. Often, the extra amount a seller hoped to achieve by waiting is cancelled out—or even exceeded—by these ongoing expenses.
5. The Psychological Effect on Buyers
When a property has been on the market for a long time, buyer perceptions shift. Typically, they assume one of two things:
- There must be hidden issues with the property.
- The seller is desperate and will accept a lowball offer.
Both assumptions weaken the seller’s bargaining position. Instead of competing for the home, buyers negotiate harder, convinced they can secure a bargain.
The Myth of “The Right Buyer”
Many sellers believe there’s a single buyer out there who will see the true value of their home and pay above market price. But in practice, affordability has the final say.
Banks are strict with lending, buyers are cautious about debt, and families focus on staying within budget. A buyer may love a home, but they are very unlikely to stretch far beyond what the market data supports.
The idea of holding out for “the right buyer” is less a strategy and more an emotional hope.
Why Competitive Pricing Works
Ironically, properties priced realistically often end up selling for more than those priced too high. Here’s why:
- A fair price creates urgency. Buyers who are actively searching recognise good value and move quickly.
- More buyers viewing the property means a greater chance of multiple offers.
- Competition between buyers can lead to offers above asking price, especially if the home is in good condition and well-presented.
By contrast, overpriced listings often result in silence, followed by eventual price cuts and weaker negotiating power.
How to Avoid the Long Wait
- Rely on market data. Every area has a ceiling price. Ignore it at your own cost.
- Work with a qualified agent. An experienced professional knows how to position a home correctly from day one.
- Detach from sentiment. Memories and emotional value don’t translate into higher offers.
- Think beyond the asking price. A quick, clean sale at the right price can save months of stress and mounting holding costs.
- Stay flexible. The market changes and a pricing strategy should adapt with it.
In property, time usually works against the seller. The longer a home sits on the market, the less desirable it appears, and the more it costs to keep.
Before saying “we’re in no rush to sell,” ask yourself whether waiting truly benefits your sale, or whether it risks months of carrying costs, frustration, and a smaller final payout.
The most successful sellers don’t rely on waiting for a perfect buyer. They set a fair price upfront, attract competition, and let the market work in their favour.
