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If you’re considering selling your house, there’s an important detail you need to keep in mind. Despite it still being a seller’s market, you can’t just choose any price for your listing.
Although home prices are still rising in most areas, they’re doing so at a slower rate due to higher mortgage rates reducing buyer demand. Additionally, the number of homes for sale is increasing, giving buyers more choices. This means your house might not stand out if it’s not priced correctly. These two factors make the asking price you set for your house more crucial now than it has been in recent years.
And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research:
“Looking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . As home sellers are faced with less demand than they expected, more of them have to reduce their prices.”
That’s because they haven’t adjusted their expectations to today’s market. They might not be working with an agent, so they’re unaware of the current trends. Alternatively, they could be using an agent who doesn’t prioritize being a local market expert. Either way, their pricing decision isn’t based on the latest data – and that’s a big miss.
To avoid pricing mistakes that could turn away buyers and delay your sale, you need to work with an agent who truly knows your local market. The right agent will help you avoid mistakes like:
Bottom Line
Setting the right asking price is more crucial now than it has been in recent years. To avoid costly mistakes, connect with a local real estate agent.
