Selling Your Home? Make Sure The Price Is Right!

There’s no doubting that we’re in a seller’s market right now. Homes are selling over the asking price at an all-time high due to low inventory and high buyer demand. According to the National Association of Realtors’ (NAR) recent Realtors Confidence Index Survey:

• The average time it takes for a home to sell is 17 days (compared to 26 days one year ago).
• The average home has five bids to choose from when it is sold.
• There are 54 percent of offers that are higher than the asking price.

Bidding wars are driving up property prices because there are so many buyers competing for so few homes. Existing home prices are likely to rise 8.9% this year, according to an average of major expert predictions.

Even in today’s hot seller’s market, it’s critical to price your home correctly. While it may be tempting to overprice your home in order to take advantage of this trend, this may limit your home’s potential.

Why Is It Important To Price Your Home Correctly?

Here’s the thing: just because something has a high price tag doesn’t guarantee you’ll make a lot of money on it. While you may be attempting to increase your profit, the cost of doing so may be high. A high list price is more likely to discourage buyers, cause the property to stay on the market longer or necessitate a price reduction, which might cause confusion among potential buyers.

Instead, concentrate on determining a reasonable price. Professionals in real estate know how much your home is worth. Your realtor can help you establish a price that is reasonable and attainable for you and buyers by pricing your property based on its present condition and similar properties that have previously sold in your neighborhood.

When you price your property correctly, it becomes more visible, which attracts more purchasers to your front door. The more buyers that see your house, the more likely there will be many offers and a bidding war. When many buyers compete for your home, you have a better chance of winning.

Bottom Line

Working with a local real estate expert when it comes to pricing your home is crucial. Contact us today so you can maximize your property’s exposure, timeframe, and return on investment.