Why Selling Sunset's Emma Hernan Thinks A Steep Home Listing Is A Big Mistake

As you prepare to sell your home, there's likely a lot on your to-do list — updating the front door with some new paint, getting the carpets cleaned, decluttering – however, before you list your home, be cautious of asking too much from the start. Emma Hernan of "Selling Sunset," explains that listing your home at a very high value right away pushes off too many people, and that may limit your success when selling. Pricing your home lower is the better decision.

That may seem to be counterintuitive, after all, you certainly want to get the most for your home that you can. According to Hernan, "Coming on too high is the absolute worst thing that any seller can do. I've seen it firsthand; you always get more by asking for less," she stated in an interview with Homes & Gardens. The price you list attracts buyers, so you don't want to put off someone who may have a slightly lower budget, but still within your desired asking range, and have them not take the time to check out your home.

Getting the price right when listing your home for sale isn't always simple. Hernan shares, "People often think they should go higher because they want more, but no. I tell my clients they don't need to accept any offer they don't want — but going lower always tends to get you more money" (via Homes & Gardens). One of the reasons this may be the case is because it creates buyer interest and perhaps even some competition. A good deal on a fabulous home in the right neighborhood may attract numerous people to scope it out. Once they walk in the door and fall in love, they may even be willing to get into a bidding war with other interested buyers, pushing the value up so they don't lose the opportunity.

A secondary factor is that being too high could make your home look bad, according to Hernan. "Most people think that going higher, you'll get closer to the price you want – but the problem is that a house will sit on the market for too long. Then you will have to make one price reduction after another, and all that, it's sitting on the market with a carrying cost."

Make sure to spend some time with your real estate agent navigating the overall pricing strategy that's best for your home. If, as Hernan suggested, you have a specific price point in mind, work with your agent to determine how realistic that is within the local, current real estate market. Get an idea of what people are already paying by having a comprehensive market comparative study done. Then, price it at or just below that value, and wait for people to come to you.

Think about what you may be doing when you look for a home for sale. You visit your favorite listing website and punch in the most you'll pay for a home into the search bar. If your home falls just outside of that range for another person, you could be missing a key buyer opportunity. Your agent can also help you to navigate current conditions, including dropping home values in some areas and high demand in others. There are some areas where you'll need to price your home competitively, while in others, you have some leeway, especially if you're not in a rush to sell fast.