How To Avoid These Mistakes In This Market
by: lauren, on December 15, 2022 - Uncategorized
How do you price your home in a correcting market, and are we heading for a housing market crash? According to the experts, instead of crashing, our housing market is correcting. The demand has pulled back, and interest rates are rising. Therefore, affordability is less, and the buyer pool has shrunk. So what happens when you have fewer buyers and, at the same time, have less inventory?
Now more than ever, sellers have to price their homes correctly to attract the shrinking buyer pool, and to do that, there are a few things to consider.
“To avoid sitting on the market, your price has to be below the original price that was listed six months ago.”
Since sellers aren’t getting as many offers as they were six months ago, they have to consider pricing slightly below market value. To avoid sitting on the market, your price has to be below the original price that was listed six months ago. For example, if your home that was listed at $699,000 six months ago received six offers and was sold for $750,000, the same home will have to be listed below $699,000 in today’s market. You won’t get as many offers as before, but you may get one or two, and you can drive up your price back to $699,000 or even $710,000.
This is one strategy to price your home in today’s market. Some markets are different. If you need help with your selling plans, call or email me so we can come up with a plan for your situation.