In today’s real estate market, setting the right price for your home is one of the most valuable things you can do.
According to the American Economic Outlook for the National Association of Real Estate Agents (NAR), forecast existing domestic prices nationwide increase 4.7% in 2020 and 4.1% in 2021. This means that experts predict that home values will continue to climb in the coming year. Today low inventory largely prevents prices from devaluing. Danielle Hale, Chief Economist at realtor.com, notes:
“Looking at the number of buyers, low mortgage rates and limited sellers, the strength of home prices – which are now growing at the highest rate since January 2018 – makes sense.”
When it comes to pricing your home, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you need to price your house that way demand is maximized and more buyers want to watch.
How to Price Your Home
As a seller, you may be thinking about the price of your home during the high end, while so many today’s buyers are looking for harder than ever to simply find a home to buy. You think, a higher price, a bigger profit, right? But here’s the thing – a high price doesn’t mean you’re going to make a big sale. In fact more likely discourages buyers and ask them to look at the houses your neighbors are selling instead.
Even today, when the advantage is advising sellers because there are so few houses to sell, your house more often sits on the market or demands a price drop, which can send buyers running in the other direction if it doesn’t have just the right price.
Profitable Real Estate Professional Will Help
It is important to make sure that your house has a right price by working in partnership with a reliable real estate professional. When you evaluate it competitively, you will not be negotiating with one buyer about the price. Instead you will have several buyers competing for the home, and that ultimately increases the final sale price.
The key is to make sure your house has to sell right away. That way it will be seen by most buyers. More than one of them may be of interest, and your house is more likely to sell at a competitive price.
If you’re thinking of listing your house this fall, let’s discuss how to price it right so you can maximize your discovery and your return.
Content previously posted in Keep Current Things