Why Accurate Pricing Is Crucial When Selling Your Home.
If you’re considering selling your home, understanding the importance of setting the right price is essential. Even though it's still a seller’s market, choosing the correct listing price is more crucial than ever.
While home prices continue to rise in many areas, the rate of appreciation has slowed due to higher mortgage rates impacting buyer demand. Additionally, the number of homes on the market is increasing, giving buyers more options and making it more challenging for your property to stand out if it’s not priced appropriately.
This shift is causing many sellers to experience price reductions.
“Looking at the price reductions data set... It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”
This situation often arises because sellers either aren’t working with a real estate agent or aren’t working with one who has in-depth knowledge of the local market. Without up-to-date data and local insights, setting the right price can be a challenge.
How the right real estate agent can ensure your home is priced perfectly.
To avoid pricing errors that could turn potential buyers away and delay your sale, partnering with a knowledgeable real estate agent is key. Here’s how the right agent can help:
Avoid Overpricing: Many sellers have unrealistic price expectations based on personal emotions or financial needs rather than market data. An experienced agent will provide a data-driven pricing strategy that aligns with current market conditions.
Consider Accurate Comps: Sellers may use outdated or incorrect comparable sales (comps) to price their home. A skilled agent will provide accurate comps to ensure your home is priced competitively.
Assess Home Improvements Wisely: Home upgrades may not always yield the expected return on investment. An agent will factor in recent improvements and align them with what buyers in your area are seeking.
Respond to Market Feedback: Flexibility is crucial. An agent will help you interpret feedback from open houses and adjust your price accordingly to attract serious buyers.
Price right.
Avoid costly pricing mistakes, consult with a local real estate agent who can leverage their expertise and market knowledge to help you price your home effectively.
Jill Beckett-Hill
Office: 614-457-4000 ext. 116
Mobile: 614-563-9819
Email: jill@beckettrg.com
