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Seller Psychology in 2026: Why Overpricing Is Backfiring
Why overpricing your home in 2026 in Richmond, VA is costing sellers time and money. Learn how buyer psychology, pricing strategy, and market shifts impact your sale.
Awww, did you think it was still 2021-22? I hate to break it to you, but the time when sellers could name their price and the market would politely nod is officially OVER.
In 2026, the Richmond real estate market is no longer operating on high octane. It’s operating on awareness. Buyers are informed, patient, and calculating. And yet, many sellers are still pricing as though we’re in peak frenzy.
The “Let’s Just Try It” Strategy
One of the most common phrases in 2026:
“Let’s just try it at this price and see what happens.” This drives a lot of us crazy because we work very hard in doing the research when pricing your home and comparing it to similar and relevant properties. What happens when you don’t listen to us?
The home sits.
Buyers assume there’s something wrong.
The listing loses momentum.
Price reductions begin.
If we overprice the home on its initial launch, and in those first two weeks we don’t get the attention your home deserves, it becomes harder to regain the energy with a price reduction.
Overpricing doesn’t test the market. It exhausts it. Price it right from the get go and you’ll see it sold quickly and with a good buyer.
Buyers Have Changed
Buyer’s now are keen to interest rate fluctuations. They are being more strategic and less hasty with their buying decisions. Instead of feeding the bidding frenzy, they are just fine walking away from a property that feels beyond their means. Additionally, they are now more data-driven than ever.
In 2021 and 2022, we saw a lot of emotional buying while now we are seeing buyers think and wait. It helps that Realtors have also gotten better at having these conversations with buyers before they hit pavement.
The Illusion of Negotiation Room
“But then we have room to negotiate,” said high pricing Sellers.
Buyers are more apt to move on than compete these days. Where we were seeing $50-100K over, we are now only seeing that type of machismo bidding in very sought after neighborhoods.
If a home is well-priced that is when competition comes into play, and you want many offers as opposed to hesitancy.
What’s Actually Working in 2026
The homes performing best right now share a few traits:
Priced precisely within market range
Thoughtfully prepared and staged
Professionally marketed
Launched with urgency
These properties create momentum. They feel aligned with buyer expectations, therefore creating interest.
Selling a home in 2026 requires strategy, not sentiment. Buyers don’t care what you paid in landscaping, how much the siding cost, or how many upgrades you’ve poured into the place over the years. They care about today’s market value, and whether your home makes sense against the competition.
The market isn’t broken, it’s just readjusting to an adrenaline pumped market to a more balanced, normal one. Your best bet is to price strategically if you want more offers. Listen to your real estate pro (aka US!), we will help guide you down the right path to sold.