Should I Test the Market With My Price in a Buyer's Market?

"Let's list it higher and see what happens. We can always come down later."

If I had a dollar for every time I've heard that, I could probably retire.

As a Realtor serving Cornwall, Ottawa, and Eastern Ontario since 2008, I completely understand why sellers think this way. Your home is likely one of your biggest financial assets, and naturally, you want to maximize its value.

But in today's buyer's market, testing the market with an unrealistic price can end up costing you more money, more time, and more stress.

This Isn't the COVID Market Anymore

The real estate market has changed.

During the pandemic, homes were selling quickly, buyers were competing against one another, and many sellers could name their price and still receive multiple offers.

Today, we're seeing a completely different market:

• More listings competing for attention

• Fewer active buyers

• Higher interest rates

• Buyers becoming more selective

• Longer days on market

  
  

In an oversaturated market, your home needs to stand out.

That means offering buyers something they want or need, whether that's a desirable location, updated features, a unique amenity, or simply a compelling price.

Buyers Are Smarter Than Ever

Today's buyers are incredibly educated.

Before they even walk through your front door, they've likely:

• Viewed every comparable listing online

• Compare your home to recently sold properties

• Calculated their mortgage payments

• Researched the neighbourhood

• Determined what they believe your home is worth

Their Realtor has likely done the same.

Most showings happen online first. If buyers are taking time out of their day, and their Realtor's day, to schedule an in-person showing, they're usually serious.

They're not simply browsing. They're comparing. And in today's market, buyers are cautious with their money.

Market Value Isn't Based on What We Think

One of the hardest conversations I have with sellers is explaining that market value isn't based on:

• What you need to sell for

• What you want to sell for

• How much money you've put into the home

• What your neighbour sold for during the COVID market

• What you think buyers should pay

Market value is based on what buyers have recently paid for similar homes.

The market determines value.

Not emotions.

Not expectations.

Not memories.

You Can't Negotiate an Offer That Never Comes

I understand the logic when sellers say: "I can always negotiate down, but I can't negotiate up."

That's true. But you also can't negotiate an offer that never comes.

No showings usually mean buyers aren't responding to your marketing or your price.

Price is often the easiest thing to change.

The market talks very quickly. We just need to listen.

The First 0-14 Days Matter Most

The first two weeks your home is on the market are incredibly important.

This is when:

• New listings receive the most attention.

• Motivated buyers are actively watching.

• Buyers get excited about fresh inventory.

• Your home has the greatest opportunity to generate momentum.

Most buyers have already seen the inventory in their price range. They're waiting for something new to hit the market.

If your home enters the market overpriced, you risk missing your biggest opportunity.

And once that window closes, it can be difficult to get that momentum back.

What Happens When a Home Sits Too Long?

Buyers start asking questions.

What's wrong with it?

Why hasn't it sold?

Is the seller unrealistic?

Will they take less?

The property becomes stigmatized. In my experience, days on market can cost sellers money.

Because the longer a home sits, the more negotiating power shifts to the buyer.

A Real Example From My Experience

I once worked with a seller who wanted to list their home at $550,000. Based on my market research, I recommended a list price closer to $499,000. The seller wanted to test the market.

We listed with their prices.

The result? Very little activity.

Then came a $25,000 price reduction.

Then another $25,000 reduction.

Eventually, the home sold.

But because it had accumulated significant days on the market, buyers knew the seller had already reduced the price twice. We lost leverage during negotiations.

In the end, the seller accepted less than they likely would have had we priced the property appropriately from the beginning.

Testing the market costs them money.

The Market Will Tell You When the Price Is Wrong

Some common signs that your home may be overpriced include:

• No showings

• Lots of online views but no appointments

• Showings without offers

• Repeated feedback about price

• Lowball offers

• Buyers not coming back for a second look

The Real Estate market gives us information every single day. Our job is to pay attention and make adjustments when necessary.

Why Sellers Hire a Realtor

Sometimes the hardest part of my job is having difficult conversations and that's exactly why people should hire professionals.

Sellers hire a Realtor to:

• Remove emotion from the transaction

• Interpret market data

• Create a pricing strategy

• Provide honest advice

• Protect their bottom line

This is a business for us. We don't get paid until your home sells and closes. We want the exact same thing you want. To sell your home. Our goals are aligned. I don't benefit if your home sits on the market. I benefit when your home sells for the best price possible in the least amount of time.

Are There Times I Would Recommend Testing the Market?

Actually, yes but, only in certain situations.

I may recommend testing the market when:

• The property is unique.

• There are very few comparable sales.

• It's a luxury property, waterfront home, or acreage.

• The value cannot be accurately predicted through comparable sales.

In these situations, the market may help establish value.

The average home with plenty of comparable sales, pricing strategically from the start usually produces the best results.

Final Thoughts

If you hired a Realtor, trust their guidance. We're in the trenches every day. We're studying the market, negotiating offers, and seeing buyer behaviour in real time.

We're having hard conversations because our goal is the same as yours.

To sell your home.

Don't bring a knife to a gun fight.

Today's buyers are educated, cautious, and have choices.

Price strategically.

Listen to the market.

Trust the professionals you've hired.

Because sometimes trying to get a little more can end up leaving you with less.

Related Reading

If you're thinking about selling in today's market, you may also enjoy:

• Living in Cornwall, Ontario: https://www.homegeeks.ca/living-in-cornwall

• Cornwall Real Estate: https://www.homegeeks.ca/cornwall-real-estate

• Cornwall Homes for Sale: https://www.homegeeks.ca/cornwall-homes-for-sale

• Why More Buyers Are Choosing Waterfront Property in Cornwall Instead of Ottawa or the GTA: https://www.homegeeks.ca/single-post/why-more-buyers-are-choosing-waterfront-property-in-cornwall-instead-of-ottawa-or-the-gta

• Why Long Sault is a Hidden Gem for First-Time Buyers: https://www.homegeeks.ca/single-post/why-long-sault-is-a-hidden-gem-for-first-time-buyers

About the Author

Penny Rudderham, Realtor®HomeGeeks | eXp Realty Brokerage

Serving Cornwall, Ottawa, and Eastern Ontario since 2008, Penny specializes in helping buyers and sellers make informed real estate decisions through honest advice, strategic pricing, and innovative marketing.

📞 613-930-3377🌐 www.homegeeks.ca📧 penny@homegeeks.ca