Don't "Chase the Dragon" When Selling Your Home
“Don’t chase the dragon.”
It’s a term from the gambling world. It describes someone who is losing their shirt but keeps betting, trying to get back to even.
Joe Gonzalez says it’s exactly what he sees happening with some home sellers.
How sellers chase the dragon
When prices are going down, some sellers hold onto the price they could have gotten a few months ago, or at the market’s peak. As the market keeps shifting:
- They list too high, based on old prices
- Their home sits while similar homes sell
- They make small price cuts that are always one step behind the market
- They end up selling for less than if they’d priced right from the start
Just like the gambler, they’re trying to win back what they feel they’ve “lost,” and they lose more in the process.
How to avoid it
- Accept today’s market. Your home is worth what buyers will pay now, not what it was worth at the peak.
- Price on current data: recent comparable sales and active competition.
- Act decisively. If the market is moving, staying ahead of it beats chasing it.
- Trust the professional you hired. Your REALTOR® sees the market every day.
Talk to someone you trust
Selling in a changing market is stressful. Let us give you an honest, data-driven price.
Call 289-276-1716 or get your home value.
