There is no doubt that the crazy pace of the “pandemic” housing market is slowing a bit. If you are considering selling your home, how do these changes affect the sales process?
Home prices are continued to rise but in a much more moderate and sustainable manner. However, as interest rates rise, the number of qualified buyers in the market may dwindle which can affect buyer demand. Because of higher rates and concerns about inflation or a potential recession, inventory has increased, and buyers are being more thoughtful about their home buying strategies and are taking a bit more time with the process.
How Do These Market Changes Affect Sellers Today?
During the pandemic, Sellers ruled the market. With multiple offers, buyers were pressured to increase the price of the offer and even release all contingencies. Home prices skyrocketed in response. Now, as the market has shifted, the home pricing strategy needs to shift as well.
Overpricing a Home Just Doesn’t Work
Pricing a home correctly from the outset can result in a quicker sale and fewer headaches.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), states: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.” Mike Simonsen, the Founder and CEO of Altos Research, also notes: “We can see that demand is still there for the homes that are priced properly.”
Price Appropriately at the Beginning
It has never been more vital to price your home appropriately. Remember, the value of your property is not based on a neighbor’s point of view or even what homes sold for a few months ago. Price reductions are occasionally red flags to buyers who wonder if the home has issues or wonder if it remains overpriced.
I will provide you with the tools and sound advice you need to hit the sweet spot on the listing price, which draws in buyers and hopefully results in a quicker offer.
We will consider the current market, location, condition, and even the time of year as we calculate the best price that works for you.
Check out my Resources for Sellers and call me today for sound advice to navigate this market successfully. Let’s work together and make your real estate goals a reality.