You can still get top dollar if you price your home correctly.
Rising interest rates have certainly slowed our housing market down, so pricing your home correctly is extremely important. If you’re considering selling your home, have you thought about how to do that? Fortunately, we’re still in a seller’s market, but you have to be more careful than before. If we work together to price your home correctly, we can still get you top dollar for your home.
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.
"We’re still in a seller’s market, but you have to be careful about how you price your home."
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.
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.
One last thing I want to mention as a tactic to be competitive in today’s market is to offer a buydown. This would keep rates the same as they were a few months ago for buyers and make your home more attractive. The buydown can be paid by the buyer or the seller. It’s less expensive and helps the buyer more than lowering the price.
The bottom line is that sellers can still achieve fantastic results in this market as long as they do their research and price their homes correctly. If you would like to discuss which strategy might be best for you, don’t hesitate to call or email my team and me anytime. We’d love to hear from you!