Here’s what home sellers need to remember about pricing in today’s market.
We haven’t had a “normal” real estate market for ages. We’re still not in that kind of market when comparing today’s numbers to historical data, but things are starting to normalize. Last time, we talked a little bit about a decrease in showing activity, pending and closed sales slowing down, and all the experts like Fannie Mae and Freddie Mac predicting a fourth-quarter slowdown. We’re already starting to see that with fewer offers per listing on our properties.
With that being said, what are the keys to pricing your property to sell for top dollar in this market?
1. Make sure your home is presentable. Buyers are being pickier, and your home needs to look its best right when it hits the market.
2. Make sure you don’t overprice. Do not price your home at the highest possible number you think that you could sell for. Even if a buyer purchases it for that price, you still have to sell it to the bank through the appraisal. I always like to say, “You can’t underprice a property in a low-inventory market, but you can overprice one.”
Overpricing helps sell the competition, and we’re not in the business of helping your neighbor’s house sell. I want to make sure that when we list a property, we price it right to get multiple offers and drive the price up.
If you have questions about pricing, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.