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Selling Your House? Make Sure You Price It Right.

Selling Your House? Make Sure You Price It Right. | Simplifying the Market

Theres no denying were in a sellers market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):

  • Homes typically sell within 17 days (compared to 26 days one year ago).
  • The average home sold has five offers to pick from.
  • 54% of offers are over the asking price.

Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.

Yet even in todays red-hot sellers market, its important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your houses potential.

Why Pricing Your House Right Matters

Heres the thing a high price tag doesnt mean youre going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.

Instead, focus on setting a price thats fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price thats realistic and obtainable and thats good news for you and for buyers.Selling Your House? Make Sure You Price It Right. | Simplifying the MarketWhen you price your house right, you increase your homes visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely youll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.

Bottom Line

When it comes to pricing your house, working with a local real estate professional is essential. Lets connect so we can optimize your exposure, your timeline, and the return on your investment, too.

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