Hey there! If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market, you can’t just throw any price tag on your listing and hope for the best.
Home prices are still increasing in most areas, but they’re not skyrocketing like they used to. Higher mortgage rates are putting a stop on buyer demand, and the supply of homes for sale is growing. That means buyers have more options, and your house may not stand out if it’s not priced right.
Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years. And some sellers are finding that out the hard way.
That’s because they haven’t adjusted their expectations to today’s market. Maybe they’re not working with an agent, so they don’t know what’s happening around them. Or they’re not using an agent who prioritizes being a local market expert
If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. They’ll help you avoid making mistakes like:
1. Setting a Price That’s Too High: Some sellers have unrealistic expectations about how much their house is worth. That’s because they base their price randomly, not on the data. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.
2. Not Considering What Houses Are Actually Selling for: Some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An experienced agent will have the expertise needed to find true comps. And use those to give you valuable insights into how to price your house in a way that’s competitive for you and your possible buyer.
3. Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home’s value. While certain improvements can increase a home’s appeal, not all upgrades are going to get a great return on their investment. An agent will factor what you’ve done and what buyers in your area actually in need of as you set your price.
4. Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they’re getting in open houses. The agent will remind you how important it is to be flexible and respond to market feedback in order to attract qualified buyers.