You can still get top dollar if you price your home correctly.
How do you sell your home in this changing market? Particularly, how do you sell for top dollar, in the least amount of time, with the fewest hassles? We’ve all seen in the news that the real estate market is changing. It’s taking longer to sell a home today than it did six months or a year ago. By being more strategic about your sale, however, you can still have a successful sale. Here are three tips for selling your home in our shifting housing climate:
1. Don’t price your home too high. In a correcting market like ours, it is more important than ever not to price your home too high. If you do, you could end up “chasing the market.” In this scenario, your initial price is too high, and buyers won’t look at your home. You could try lowering your price, but by that point, the market may have changed again. This is a seller’s worst nightmare—if it happens, you may even have to take your property off the market and try again later. Most importantly, you’ll miss out on that “new on the market” momentum.
2. Price just below the market. One strategy that works in a shifting market is to price your home slightly below market value on purpose. It seems odd, but this will guarantee that your home is the most attractive deal in your area. If everything goes according to plan, buyers will flock to your house, and the competition among them will naturally bring the price up to or above market value. The risk with this strategy is that if only a few buyers come to your home, there might not be enough competition to drive up the price. However, this is a fantastic option if you need to sell quickly.
3. Work with a professional. Of course, you can always work with a real estate professional to look at comparable sales in your area and find a goldilocks price—one that isn’t too high or too low, but just right. This can be difficult to do on your own in a correcting market, but professionals have access to market data that will make the process much easier.
If you have any questions about pricing your home in a correcting market or if you are interested in buying or selling, please don’t hesitate to reach out. Give me a call or send me an email. I’d love to help you out.