Maximize Your Home Sale: The Importance of Pricing Right in Today's Real Estate Market
Although the current real estate market may not be as frenzied as the ‘unicorn’ years, properly priced homes continue to attract quick sales and multiple offers. This trend is primarily driven by the limited inventory of homes for sale. According to the National Association of Realtors (NAR), a staggering 76% of homes were sold within a month in June, with the average property receiving 3.5 offers.
To position yourself to benefit from such advantages, entrusting a skilled agent is essential. Only an agent possesses the expertise required to determine the optimal asking price for your house. Here's what's at risk if the price doesn't accurately reflect today's market value.
The price you set for your house sends a message to potential buyers.
Setting the price too low may raise concerns about your home's condition or give potential buyers the impression that something is amiss. Moreover, undervaluing your house could result in leaving money on the table, subsequently reducing your future buying power.
Conversely, if you set the price too high, you run the risk of discouraging potential buyers from even considering a tour of your property. This situation could lead to the need for a price reduction in an attempt to reignite interest when the house remains on the market for an extended period. However, it's important to be mindful that a price drop might be perceived as a red flag by some buyers, who may question the reason behind the reduction and what it implies about the home's condition or desirability.
In a recent article published by NerdWallet, the following summary is provided:
"According to a recent NerdWallet article, the initial entry of your house into the market presents a crucial opportunity to captivate potential buyers, making it essential to set the right pricing. If your home is priced too high, there's a chance that buyers might overlook the listing entirely. Conversely, pricing it too low could mean losing out on significant profits. Moreover, a deeply discounted price may raise concerns among buyers, causing them to question if there are any hidden issues with the property."
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Consider the process of pricing your home as aiming for a target. Your objective is to hit the bullseye right in the center, aligning with the market value, and avoiding extremes of being too high or too low.
Setting a fair price for your house in accordance with market conditions enhances the likelihood of attracting a larger pool of interested buyers. This, in turn, increases the probability of receiving multiple offers. Moreover, properly priced homes continue to enjoy swift sales even in the current market.
Take a glance at the chart below to gain valuable insights into the potential drawbacks of over or underpricing your house, as well as the advantages that come with pricing it at market value:
Lean on a Professional’s Expertise to Price Your House Right
Wondering why an agent is indispensable when it comes to finding the right price? Your local agent possesses the expertise and understanding required to accurately assess the market value of your home. Their skills will be put to use in determining a realistic listing price by evaluating the following factors:
Bottom Line
Ensuring your house is priced at market value is of utmost importance, so avoid relying on guesswork. Instead, collaborate with a reliable real estate agent to ensure your home is accurately priced for the current market.