Selling Your House? Your Asking Price Matters More Now Than Ever

Abstract

Why Today's Housing Market Is Different During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. Why Pricing Your House at Market Value Matters The price you set for your house sends a message to potential buyers. Some sellers aren't adjusting their expectations to today's market, and realtor.com explains the impact that's having: "... the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels." To avoid the headache of having to lower your price, you'll want to price it right from the onset. 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. Why You Still Have an Opportunity When You Sell Today Rest assured, it's still a sellers' market, and you'll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors, says: "Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers." Mike Simonsen, the Founder and CEO of Altos Research, also notes: "We can see that demand is still there for the homes that are priced properly." Bottom Line Home priced right are selling quickly in today's real estate market. Partner with a real estate professional to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.