There’s no doubt the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for your asking price if you’re thinking of selling your house?
Higher mortgage rates have impacted the housing market in 2022. As the cost of financing a home purchase rose, buyer demand moderated and that led to more homes to choose from, a decline in bidding wars, and buyers regaining some negotiation power.
While all of that is true, it doesn’t mean it’s suddenly a buyers’ market, just that it’s a more moderate sellers’ market than we’ve seen over the past two years. And, in today's market, the way you price your home matters more than ever.
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits 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 what that means about the home or if it’s still overpriced.
To avoid the headache of having to lower your price, you’ll want to price it right from the onset.
A real estate advisor knows how to determine that perfect asking price. To find the right price, we balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Rest assured, since inventory is still low overall, it’s still a sellers’ market. That means, you’ll still get great benefits if you plan accordingly.
As Logan Mohtashami, Lead Analyst at HousingWire, says:
“Homes that are priced right, especially in areas below 2019 inventory levels, are selling quickly, and those homes that aren’t priced right to the marketplace are taking longer to sell.”
We strive to provide the same level of service to you as we would to our own family members. We recommend, advise, and are always at your service. Let us show you how we use our knowledge and our finely honed negotiation expertise to make your next home dream come true.