“Even in today’s red-hot sellers’ market, it’s important to price your house right.”
There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):
- Homes typically sell within 17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.
Why Pricing Your House Right Matters
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.
When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
Bottom Line
When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.
To view original article, visit Keeping Current Matters.
The Truth About Negative Home Equity Headlines
News headlines focus on short-term equity numbers and fail to convey the long-term view.
What Experts Are Saying About the 2023 Housing Market
2023 likely will become a year of long-lost normalcy returning to the market with mortgage rates stabilizing.
3 Best Practices for Selling Your House This Year
A real estate professional can help you with tips to get your house ready to sell.
Wondering How Much You Need To Save for a Down Payment?
A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal.
Homeowners Still Have Positive Equity Gains over the Past 12 Months
While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home.
Mortgage Rates Are Dropping. What Does That Mean for You?
It’s important to work with a trusted real estate professional who follows what experts are projecting for the months, and year ahead.