Is Your Home Still On The Market? It Could Be Priced Too High
Is your cherished home still on the market, despite the current real estate climate where houses are flying off the shelves? In a market where housing inventory is scarce, your property should stand out as a sought-after oasis.
If your home is lingering on the market, there's a key factor to consider - your asking price. In today's landscape, with mortgage rates nudging budgets and buyers becoming more price-sensitive, setting the right price is crucial. As highlighted in a recent Wall Street Journal (WSJ) article:
"If you are serious about selling your home now, don't get greedy with the asking price. This is still a seller's home market as there simply aren't enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago."
Why Setting The Right Price Matters
It's simple - your home will sell for what buyers are willing to pay. It might be a tough pill to swallow, especially when emotions are high during the selling process. Your emotional connection to your home can cloud your judgment. However, a higher-than-expected price can deter potential buyers and keep them from considering your property.
To reignite interest in your home, consider enlisting the expertise of a local real estate agent, like us. We utilize data to determine if your home is priced appropriately for the local market. By balancing factors such as neighborhood, property values, current market trends, buyer demand, and your home's condition, we can guide you to the perfect price point.
Even in a low-inventory market, your home's asking price plays a pivotal role. If it's not selling, it could be time to reassess and find that ideal price. Partner with us, close this chapter, and embark on your next adventure.