The housing market of the last two years is slowing from its frenzied pace. How does that affect you when considering a home sale?
Although home prices are still expected to appreciate in many markets, they are climbing more slowly as mortgage rates inch up, which affects buyer demand. Consequently, the inventory of homes has risen.
In a market such as this one, pricing your home appropriately has never been more important.
What Makes Today’s Market Different?
Because demand was so high during the pandemic—with historically low interest rates enticing buyers—Sellers ruled the market and could price their homes higher. Now, as the market shifts, the approach to pricing a home for sale needs a shift as well.
Sellers must recognize that it’s no longer a “pandemic market” and overpricing a home just doesn’t work.
What is at Stake?
An overpriced home can send a message to buyers: Move on or wait for a price drop. But, when that price drop comes, it can cause some buyers to hesitate. Is the home flawed? Is it still overpriced?
What’s the Solution?
Pricing the home appropriately at the beginning is always a good idea. Of course, markets change swiftly, and adjustments may still arise. Taking the advice of a trusted real estate professional is also a good idea. Relying on the opinions of neighbors and recent sales in the neighborhood from six months ago can be misleading. Trusting your experienced real estate professional to guide you on the current market trends in your neighborhood, the condition of your home, and time of year is vitally important to your successful sale.
A well-priced home appeals to far more buyers and places your listing in a prime position for showings and ultimately great offers.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), states: “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.”
Takeaway:
Check out the McCall Team's Seller Pricing Resources and call Trish now to discuss current market conditions and strategize to maximize your home’s potential for a quick sale and minimize your potential headaches in a shifting market.