The excitement we witnessed in the real estate market for the last two years appears to be ending, a truth that cannot be disputed. However, what does this imply if you consider selling your home soon?
Even though home values are still appreciating in most areas, and industry analysts predict that this trend will continue, prices are increasing gradually because rising mortgage rates are reducing the number of people willing to buy homes. Because of this, there are currently more residences available for purchase. And when there are shifts in the market like this one, how you price your house is more important than ever.
The Housing Market Today
Due to strong demand and insufficient supply, agents 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.
Why Market Value Matters
Price conveys a message to buyers. Pricing too high may discourage buyers.
If your house sits on the market for a time, you may need to cut the price. Some potential buyers may ask what a price drop means for the home or if it's still expensive. Some sellers don't adjust to the market.
Price it appropriately from the start to avoid having to lower it. A realtor knows the perfect asking price. To get the right price, they balance area home values, market trends, buyer demand, your home's condition, and more.
Depending on market conditions, pricing your home fairly will attract more buyers. This leads to better offers and faster sales.
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.
In the current real estate market, homes offered at reasonable prices are selling relatively quickly. Let's get in touch so we can make sure the price you set for your home is appropriate for the present state of the market. This will allow you to maximize your sales potential while minimizing the amount of bothering your experience due to the changing market.
If you're considering selling your home this Fall, we can definitely help guide you. Contact us for a free—NO OBLIGATION market analysis.
We would love the chance to walk with you every step of the way!