While this isn’t the frenzied market we saw the past few years, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because housing inventory is still so low. Data from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.
Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases your future buying power.
On the other hand, price it too high and you run the risk of deterring buyers from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it its on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
A recent article from NerdWallet sums it up like this:
“Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value.
Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.
It’s probably the first thing you’ll want to talk about and we get it. But the final decision about where to price your home will ultimately become clearer after we’ve done the work to make it market-ready. Yes, the comps matter, but they might not be everything. We’ll look at all the variables, the location, the features, and the demand. But your property is unique and we’ll work with you to set a price that:
When the circumstances warrant, we may consider an off-market period to test pricing which allows us to go public with a price that drives interest.
Pricing your house at market value is critical, so don’t rely on guesswork. Work with Arrive Real Estate Group to make sure your house is priced right for today’s market and let us net you the most money!
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