Your Asking Price Matters More Now Than Ever
There’s no doubt the housing market is normalizing from the frenzy experienced during the past two years. But what does that mean for you if you are thinking of selling your house?
While home prices continue to appreciate and experts say that will continue, they are climbing at a slower pace because rising mortgage rates are creating less buyer demand at some price points. Because of this, there are more homes on the market in certain price ranges. And in a shift like this, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different: During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we are seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic.
Why Pricing Your House at Market Value Matters: The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market.
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A Town & Country Realty broker knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today: Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also notes: “We can see that demand is still there for the homes that are priced properly.”
Bottom Line: Homes priced right are selling quickly in today’s real estate market. Connect with a Town & Country broker today to make sure you price your house based on current market conditions, so you can maximize your sales potential and minimize your hassle in a shifting market. Call 541-757-1781 in Corvallis and 541-924-5616 in Albany. You will be glad you did!
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.