The logic of overpricing feels sensible on the surface. Start high, leave room to negotiate, see what happens. In practice, this is one of the most expensive mistakes a seller can make in the Vaughan market. Here is why.
The first two weeks are when you have the most leverage.
When a property is listed, it appears as new to every active buyer and their agent. That window — typically the first 10 to 14 days — is when your buyer pool is at its largest and most motivated. An overpriced listing converts almost none of that attention into offers. By the time you reduce the price, the property is no longer new. Buyers who dismissed it initially rarely return, and those who do assume the reduction signals a problem.
Price reductions attract negotiators, not buyers.
A property that has sat for 30 days and reduced twice will attract a different type of buyer than the one who moves within the first week. The buyers who engage after a reduction are typically looking for a deal — and their offers reflect that. You often end up selling for less than you would have had you priced correctly at the start, because you have now trained the market to view the property as challenged.
What correct pricing actually looks like.
It is based on what comparable properties have sold for in the past 60 to 90 days — not on what you paid, not on what you need from the proceeds, and not on what an agent told you to get the listing. The relevant data is the data. A property priced within 2% to 3% of true market value will typically receive attention from every qualified buyer in that segment. That is where the competition — and the value — comes from.
The conversation about price is the most important one that happens before a property is listed. It should be based on evidence, not optimism. If you are considering selling, that is the conversation to have first.