Are you thinking about selling your place right now? It’s a bit of a tricky game with the real estate market doing its thing. Sure, sellers still have the upper hand in some spots, but rising mortgage rates and more houses popping up for sale? Yeah, that’s putting a squeeze on prices. You can see why asking price matters these days. You want to catch buyers’ eyes without scaring them off. And trust me, you don’t want your house sitting there forever while everyone else’s flies off the market.
Increased Inventory + Higher Mortgage Rates
Home prices are still going up in most places, but not as fast as before. Why? Well, those pesky higher mortgage rates are making it tougher for buyers to jump in. But get this – there are more houses up for grabs now too. That means buyers have more choices, and your place might not be the belle of the ball if it’s not priced just right.
These two things together? They’re making the price you put on your house way more important than it’s been in a while.
Some folks are learning this the hard way, and that’s why we’re seeing more price cuts. As a recent report says it’s about more houses on the market and buyers who are just wiped out by those high mortgage rates. When sellers don’t get the interest they were hoping for, they have to drop their prices.
The problem? Some sellers aren’t realizing how the market has changed. Maybe they’re going solo without an agent, or they’ve got one who’s not really clued in to what’s happening locally. Either way, they’re not using the latest info to price their homes – and that’s a big oops!
Avoid Making Pricing Mistakes
If you want to avoid making a pricing mistake and scaring off buyers team up with a real estate pro who knows your neighborhood like the back of their hand. They’ll help you steer clear of some classic slip-ups, like:
- Shooting for the moon with your price: Some folks get a bit starry-eyed about what their place is worth. They go with their gut or what they need to make, instead of looking at the facts. Your agent will keep it real and use solid data to price your home right.
- Not checking out what other houses are actually selling for: Without an agent, you might compare your place to the wrong houses and end up way off base. Your agent has the inside scoop on finding the right comparisons and will use that info to help you nail the perfect price.
- Thinking your home improvements are worth more than they are: Sure, you might have upgraded, but that doesn’t always mean big bucks when you sell. Your agent knows what buyers in your area are actually looking for and can help you figure out if those fancy new countertops will really pay off.
- Ignoring what people are saying: If folks at open houses are giving you feedback, listen up! Some sellers get stubborn about lowering their price, but your agent will remind you to roll with the punches and adjust if needed to attract those buyers.
Also be aware that getting the price right depends on what’s happening in the market right now. Your agent’s got all the insider info to help you come up with a killer pricing strategy. So don’t go it alone – team up with a pro and make that sale happen!
Bottom Line
In today’s shifting real estate market, the asking price for your home matters more than ever. Rising mortgage rates and increased housing inventory mean buyers have more choices and are more price-sensitive. To avoid overpricing and scaring off potential buyers, it’s essential to work with a knowledgeable real estate agent who can help you price your home competitively.
Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.
