If You’re a Seller Who Thinks Your Home Is Worth Its 2020 Price, Think Again

Remember the wild ride of the 2020 real estate market? Homes were selling at lightning speed, bidding wars were the norm, and prices soared to dizzying heights. If you’re a homeowner who’s held onto the belief that your property is still worth its 2020 peak, it might be time for a reality check.

The Market Has Shifted

Fast forward to today, and the landscape looks very different. Interest rates have climbed, buyer demand has cooled, and inventory is slowly building back up. While it’s tempting to anchor your expectations to those record-breaking sales, the truth is that the market has adjusted—and so must your pricing strategy.

Why 2020 Prices Are No Longer the Benchmark

• Interest Rates: Back in 2020, mortgage rates dipped to historic lows, making homes more affordable for buyers. Today’s higher rates mean monthly payments are steeper, which impacts what buyers are willing (and able) to pay.
• Supply and Demand: Pandemic-driven moves have slowed, and more homes are hitting the market. With more choices, buyers are less likely to engage in bidding wars or pay over asking price.
• Appraisals Matter: Even if a buyer falls in love with your home, lenders won’t approve a mortgage for more than the appraised value—and those appraisals are based on current, not past, market data.

Real-Life Example

Consider my seller in East Atlanta, who listed her home at the same price her neighbor got in 2020. After 96 days on the market with little interest, she finally adjusted her price to reflect current realities—and her home sold within days. The lesson? Overpricing can mean more time on the market and, ultimately, a lower sale price.

How to Price Wisely Today

• Work with a Local Expert: A knowledgeable real estate agent can provide up-to-date comps and help you set a realistic price. The Bowman Group brokered by eXp Realty
• Be Open to Feedback: Listen to what buyers and agents are saying during showings. If you’re not getting offers, it’s a sign your price might be too high.
• Focus on Value: Highlight what makes your home stand out, but remember that today’s buyers are savvy and have more options.

The Bottom Line

Clinging to 2020 pricing could leave your home sitting on the market while others sell. By understanding today’s conditions and pricing accordingly, you’ll position yourself for a successful—and less stressful—sale. The market may have changed, but with the right approach, your next chapter can start sooner than you think!