Do You Want to Sell Your House? Price it correctly.
The housing market slowed last year as a result of increasing mortgage rates, which had an influence on property prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:
“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
In a more moderate market, how you price your home can affect not only your bottom line but also how quickly it sells. And the reality is, homes priced right are still selling in today’s market.
Why Pricing Your House Appropriately Matters
Especially today, your asking price sends a message to potential buyers.
If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced 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 by some buyers, who will wonder what that means about the home.
To avoid either headache, price it right from the start. A real estate agent understands how to determine the best-asking price. To figure out the right price, they look at the prices of other homes in your area, current market trends, buyer demand, the state of your home, and other things. This results in more competitive offers and a higher possibility that your home will sell soon.
The diagram below illustrates the influence your asking price can have: