The housing market is moderating from its two-year frenzy. What does that signify if you're selling a home?
Experts think home values will continue to rise in most markets, albeit at a slower pace due to rising mortgage rates. This means more homes are for sale. How you price your home matters more than ever in this change.
The Housing Market Today
Due to strong demand and insufficient supply, dealers might raise prices during the pandemic. This year, things are changing, and so should your pricing strategy.
Less buyer demand means this market is different than during the pandemic. If you don't...
Why Market Value Matters
Price conveys a message to purchasers. Too high a price may dissuade customers.
If your house sits on the market for a time, you may need to cut the price. Some purchasers may ask what a price drop means for the home or if it's still expensive. Realtor.com highlights the impact of sellers not adjusting to the market:
The share of postings with a price cut roughly doubled from a year ago but remains below pre-pandemic levels.
Price it appropriately from the start to avoid having to lower it. A realtor knows the perfect asking price. To get the proper price, they balance area home values, market trends, buyer demand, your home's condition, and more.
Pricing your home fairly depending on market conditions will attract more purchasers. This leads to better offers and a faster sale.
Why you should sell now
It's still a sellers' market, so plan appropriately and consult with an agent to put your price at market value. Lawrence Yun, NAR Chief Economist:
"Right-priced properties sell quickly, whereas overpriced homes repel purchasers."
Altos Research founder and CEO Mike Simonsen said, "We see demand for properly priced homes."
Overall
Today's real estate market favors well-priced homes. Let's talk so you can price your home based on current market conditions to optimize sales and decrease bother in a changing market.