You can still get top dollar if you price your home correctly.
How should you price your home in a correcting market? We’ve come from a really hot market with low interest rates, lots of buyer demand, and minimal inventory. Still, all of a sudden, we now have nearly twice as much inventory, higher interest rates, and fewer buyers. With these market conditions, what can sellers do to attract buyers? One of the most critical things you have to do is price your home right. Today I’m sharing three points to help you with your pricing:
1. Don’t price your home too high. If your initial price is too high, you’ll exclude buyers and won’t get as many showings. Buyers will pass over your home for another property that has a much lower price. You could try lowering your price, but by that point, the market may have changed again. This is a seller’s worst nightmare—if it happens, you may even have to take your property off the market and try again later.
“Don’t try to price your home on your own.”
2. Consider pricing slightly below market value. This gets you ahead of the curve of the price drops that are currently happening in the market. If your house sells for about $200,000 in the market right now, you can price your home at $190,000 or $195,000, so you get a rush of activity and maybe even a bidding war.
3. Work with a professional to meet the market where it’s at. Don’t try to price your home on your own. Work with a real estate professional to look at comparable sales in your area and find a goldilocks price—one that isn’t too high or too low. This can be difficult to do in a correcting market on your own, but professionals have access to market data that will make the process much easier.
The bottom line is that sellers can still achieve fantastic results in this market as long as they do their research and price their homes correctly. If you would like to discuss which strategy might be best for you, don’t hesitate to call or email us. Make it a great day!