When it comes time to sell, it’s tempting to list for a high price and see what happens. However, according to Oklahoma Land Professional Dillon Smith, during a recent episode of the National Land Podcast, that kind of thinking is costing sellers more than they realize.

Let’s take a look at the true cost of overpricing your property and the reasons that sellers may want to be more conservative in their pricing expectations when listing.

The Market has Changed

The early 2020s were an anomaly, with low interest rates flooding the land market and eager buyers pushing prices to record highs in many parts of the country. That era is over, and today’s buyers are more disciplined, running the numbers more carefully before making any commitments.

“About four or five years ago, whenever interest rates were at two or three percent, anyone could throw out a number,” Smith says. “They’re not just buying it to buy it anymore.”

In western Oklahoma, where Smith specializes in farm, ranch, and recreational properties, that shift has been unmistakable. Buyers are factoring in cattle carrying capacity, crop yields, and long-term resale potential. If the asking price doesn’t pencil out, they move on.

What Happens When a Property Sits on the Market

Sellers often assume that pricing a listing high is low-risk and that a price reduction is an easy fix if needed. What they don’t account for is the reputational damage a stale listing accumulates over time. “High-priced listings just haven’t been moving,” Smith says. “Now we have to put it back on the market at a reasonable price and hope that a potential buyer doesn’t look over it and has already dismissed it as a potential buying property.”

Once a buyer has scrolled past a listing and mentally written it off, getting them to reconsider is an uphill battle. The price reduction that should have attracted them now raises new questions about what’s wrong with the property. Similarly, many buyers’ eyes simply glaze over when they see a listing still available like it was six months ago. 

Honesty is the Strategy

Smith’s approach starts with a full broker’s price opinion, using comparable sales, an honest assessment of the buyer pool, and a clear look at the property’s highest and best use. According to Smith, “I try to be as close to 100% accurate on my pricing as possible,” he says. “The properties that are priced correctly are selling. There’s still a significant demand for land, but it’s got to be priced correctly.”

His advice to prospective sellers is straightforward. “Find [an agent] who’s very realistic. If you actually need to sell, be realistic because I think we’re entering a very strong buyer’s market where the buyers kind of have the power.”

The market will tell you what your land is worth; the question is whether you’ll listen before it impacts the success of your sale. If you’re ready to speak to a local expert about selling your land in 2026, get in touch with a Land Professional near you today!