Pricing Your House Right Still Matters Today
Even though this isn’t as frenetic as the market during the ‘unicorn years’, homes that are priced correctly are still selling quickly. There are multiple offers on these homes right now. The number of homes available for sale is so low. The National Association of Realtors’ (NAR) data shows that 76% of homes were sold within a single month, and on average there were 3.5 offers per home in June. Only an agent can help you determine the best price to ask for your home. If the price is not accurate, it could be a problem for you. The price you set for your home sends a signal to potential buyers. If you price it too low, you may raise questions about the condition of your home or cause buyers to think that something is wrong. You could also lose money if you undervalue the house. This will reduce your future purchasing power. You may need to lower the price of your house to get it back on the market after it has been sitting for a while. A recent article from NerdWallet summarizes the situation as follows: “Your house’s debut on the market is your first opportunity to attract a potential buyer. It’s important that you get the pricing right.” If you overprice your home, you risk not attracting buyers. . . Price your house too low, and you may end up losing a lot of money. A bargain-basement could also turn away some buyers, as they might wonder if the house has any underlying issues. You want to aim for the middle – not too high or too low, just right at market value. If you price your home fairly, based on the current market conditions, it increases the likelihood that more buyers will be interested in buying it. This will also increase the likelihood of receiving multiple offers. The chart below gives a good overview of the pros and cons of pricing your home at market value. Your local agent will have the skills and insight to determine the market value of the home. They will use their expertise to determine an accurate listing price by assessing the following: Prices of recently sold homes
Current market conditions
The size and condition your house
Your house’s location
Bottom LinePricing a house at its market value is important, so don’t depend on guesswork. Working with a real estate agent who you trust will help you price your home correctly for the current market.
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