If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.
While home prices are still appreciating in most areas, they are climbing at a slower pace. That’s because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.
Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.
Some sellers are finding that out the hard way. That’s leading to more price reductions.
If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with a knowledgeable agent. If you lean on the right agent, they’ll help you avoid making mistakes like:
- Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price on their gut or their bottom line, not the data.
- Not Considering What Houses Are Actually Selling For: Without an agent’s help, some sellers may use the wrong comparable sales in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps. They will use those to give you valuable insights into how to price your house in a way that’s competitive for you and your future buyer.
- Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home’s value. While certain improvements can increase a home’s appeal, not all upgrades are going to get a great return on their investment.
- Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they are getting in open houses.
In the end, accurate pricing depends on current market conditions. Only an agent has all the data and information necessary to find the right price for your house. I will use that expertise to develop a pricing strategy that’s based on current market conditions and designed to get your house sold.