Scott SelleckBroker / Sales Associate / Transition Advisor, The Selleck Group, KW City Views Realty · Scott Selleck | Trusted Bergen County Realtor | Keller Williams City Views Realty, Fort Lee NJ

Why Overpricing Luxury Homes Costs You Money

26 Jan 2026 · 1 min

Watch on YouTube

0:37

This short YouTube market-advice segment (speaker: SPEAKER A; creator: Scott Selleck) warns that overpricing luxury homes in markets like Fort Lee and Tenafly causes listings to age (30–90 days), which creates a negative narrative and invites low offers. The speaker argues pricing correctly on day one yields a higher final sale price and describes an AI-enabled predictive-analytics approach that uses absorption rates and price-bracket speed-of-sale data to choose the right initial price.

Chapters

When a luxury home sits on the market in Fort Lee or Tenafly for 30, 60 or 90 days, a narrative begins to form and buyers start asking, you know, what's going on with this property? What is wrong with it? Even if it's a perfect house, this is when a low offer could potentially come in because they see an opportunity. By overpricing at the start, you actually end up selling for less than you would have if you had priced it correctly on day one. So why not do it right from the beginning? My approach uses AI enabled predictive analytics to ensure that this doesn't happen. We look at what's called the absorption rates, the speed at which your home and your specific price bracket are being sold.