The last two years have been incredible for home sellers. Quite frankly, I am not sure we will ever see another seller’s market like it. Not only were buyers battling bidding wars, but they were also waiving contingencies and offering seller leasebacks in hopes their offer would be accepted.

Now, the market is starting to shift. With interest rates nearly doubling and fears of a recession, buyers are deciding to put their home search on hold, which is causing inventory to increase. We haven’t seen home values drop, but we are seeing homes sit on the market longer than we’ve gotten used to. This means that sellers need to step up their game. One way to ensure a successful home sale is by pricing your home right; let’s look at why.

Your Home Will Sell Faster

As the market shifts, you want to ensure your home is sold quickly. While home values are expected to continue to rise, you don’t want your home sitting on the market in the event values begin to stall. Homes that are priced correctly will receive more exposure to more potential homebuyers who can afford their price.

In a seller’s market, a home that is priced fairly will quickly receive multiple offers that could trigger a bidding war that will push the price up higher. Even in a buyer’s market, a reasonably priced home that has everything buyers want could receive this type of attention. However, if your home is overpriced, buyers might get scared away. You’ll have to reduce your price, but by then it might be too late, and buyers may not want to look at your home anymore.

Your Price Determines Your Competition

Before setting out on their home search, most buyers will decide on a neighborhood to search in. At any given time, there will be a pool of buyers looking in your neighborhood at a particular price point. All of those buyers will be looking at the same homes. So, if there are eight buyers and five homes for sale, those eight buyers will all look at the same homes. If there is one house that stands out from the rest, it will receive multiple offers.

You want your home to be the one that stands out. If you set your price so high that it is competing with those that are bigger and more updated with better amenities, you won’t get any offers. However, if you reduce your price to be more in line with homes that are more like yours, maybe even a little bit less nice, you will get offers.

We Will Do The Hard Work For You

We are real estate experts. We understand what to do when the real estate market shifts and will guide you through the changes. We know how to price a home to sell. We won’t price it so low that you lose out on money, or so high that it doesn’t get attention. We will price it right the first time to make your home sell quickly.

Give us a call so we can discuss your home and your real estate goals.