The housing market has started slowing down from the housing frenzy we have seen over the past two years during the pandemic. What does this mean for sellers?
Homes are still appreciating, and experts say this will continue, but they will appreciate at a slower pace because of the rise in mortgage rates. Since mortgage rates are rising, there is less buyer demand, which has brought more homes on the market. As a seller, this shift means how you price your home matters more now than ever.
Why Today’s Housing Market Is Different
It is crucial as a seller to recognize that we are in a different market than during the pandemic. During the pandemic, sellers had the liberty to price their homes higher because demand was so high and supply was so low. With this shift in today’s market, pricing your home correctly is vital.
Why the Price Matters
Pricing Too High Runs the Risk of Deterring Potential Buyers:
If you jump into selling your home with too high of a price, you will deter potential buyers and may have to lower the price to try to reignite interest in your house. Price drops can be seen as a red flag to some buyers who wonder what that means about the home or if it’s still overpriced.
To avoid this headache, consult your real estate agent about a reasonable listing price for today’s market. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Additionally, pricing your home correctly will create more interest, resulting in a quicker sale.
If you want to sell your home, it’s essential to consult a real estate agent about what today’s market conditions mean for you. With the help of an expert, you can be sure to price your home correctly, leading to a quick and easy sale.
You Still Have an Opportunity as a Seller in Today’s Market
We are still in a seller’s market. A real estate professional can help you price your home correctly based on current market conditions. In turn, you can maximize your sales potential and minimize hassle in a shifting market.
Chief Economist at the National Association of Realtors, Lawrence Yun, states that:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Founder and CEO of Altos Research, Mike Simonsen, also states that:
“We can see that demand is still there for the homes that are priced properly.”