In today’s real estate market, setting the right price for your house is one of the most valuable things you can do.
According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase 4.7% in 2020 and 4.1% in 2021. This means experts anticipate home values will continue to climb next year. Today, low inventory is keeping prices from depreciating. Danielle Hale, Chief Economist at realtor.com, notes:
“Looking at the sheer number of buyers, low mortgage rates, and limited sellers, the strength of home prices–which are now growing at the highest pace 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 should price your house so that demand is maximized and more buyers want to take a look.
How to Price Your Home
As a seller, you may be thinking about pricing your house on the high end because many of today’s buyers are searching harder than ever just to find a home to purchase. You’re thinking, higher price, greater profit, right? But a higher price tag does not guarantee you’re going to cash in big on the sale. Actually, a higher price is more likely going to deter buyers and have them looking at the other homes for sale in your neighborhood.
Even today, when the advantage tips toward sellers because there are so few houses for sale, if your house is not priced just right, it can send buyers running in the other direction and it will most likely sit on the market longer or require a price drop.
A Trusted Real Estate Professional Will Help
It’s important to make sure your house is priced correctly by working in partnership with a trusted real estate professional. When priced competitively, you will not be negotiating the price with one buyer. Instead, you will have multiple buyers competing for the home, and that’s what ultimately increases the final sale price.
The key is making sure your house is priced to sell immediately. That way, it will attract a higher number of buyers to view the property. More than one of them may be interested, and your house will be more likely to sell at a competitive price. Chris Sanders, Collins Group Realty’s Strategic Advisor, provides an invaluable service of qualitative market analysis, strategic market tracking and pricing strategies for our CGR Hilton Head Island listing clients. One of the many great resources available to our listing clients.
Bottom Line
If you’re thinking about listing your house this fall, let’s discuss how to price it right so you can maximize your exposure and your return. Schedule a free onsite (or virtual) consultation today – CLICK HERE! Let our listings team tell you about the way Collins Group Realty gets RESULTS!