The local real estate market is still experiencing a seller’s market. But here is something you need to know; even though it’s still a seller’s marketing, you can’t just pick any price to list your house at.
Home prices are still up from where they were pre-pandemic, but you may notice they aren’t climbing in price the way they were during and right after the pandemic years. Higher mortgage rates are putting a squeeze on buyer demands. In addition, the number of homes on the market is increasing.
What does this mean for you as a seller? Buyers have could see more options in housing if they are looking to move right now and your home may not stand out as much, especially if it isn’t priced according to the market.
As a result, your asking price when listing your home is more important today than it has been in recent years.
According to Keeping Current Matters, “Some sellers are finding that out the hard way. That’s leading to more price reductions.”
For many, the market frenzy of 2021/22 doesn’t seem like it was that long ago and they haven’t adjusted their expectations to today’s market. This is especially true for those who don’t work with a real estate agent, as they don’t have a pulse on what’s actually happening in the market around them.
The best way to avoid making a pricing mistake that could slow buyers and delay your sale is working with us, a local and trusted group of agents!
Here are some of the mistakes that we can help you avoid:
Setting a price that’s too high.
As local experts, we can assess your home (upgrades/ improvements) and the market in your area and complete a home valuation. This data will help us price on facts, not opinions, so you have a better chance at hitting the market.
Not considering what houses are actually selling for.
Comparable (comps) are so important in real estate! Using the wrong comps can lead to a misjudgment to the market value of your home. We have access to reliable comparables, which give us valuable insight on how to price your home competitively.
Overestimating home improvements.
Improvements and renovations may not yield the result in home value that you hoped. While certain improvements can increase a home’s appeal, not all upgrades result in a great return on investment. We can look at what you’ve done and what buyers in your area value.
Ignoring feedback and market response.
Current buyers are the pulse of the market and what they say is worth considering. We always remind our sellers how important it is to be flexible and respond to market feedback in order to attract the most qualified buyers.
Accurate pricing is dependent on current market conditions. A local agent is the best resource for all the data and information necessary to find the right price for your house.
Don’t go at it alone and miss the mark! The right asking price is even more important today than it’s been over the last few years. To avoid making a costly mistake, contact our team today!
