Navigating the Current Housing Market: How to Price Your Home Right
The past few years have been a rollercoaster for home sellers. With historically high home prices, well-qualified buyers, and record-low interest rates, it has been an exciting time to be in the real estate market. But as we move forward, the housing market has shifted dramatically in many parts of the country. If you're considering selling your home, you might be wondering how to set the right price when it feels like everyone else around you is still overpricing theirs.
Start with Recent Sales, Not Just Listings
The first and most important step in determining your home’s price is to work with your real estate agent to look at recent sales in your area, not just the active listings. It’s easy to get caught up in what other sellers are asking for their homes, but the real story is told in the final sale prices. You might quickly realize that homes are selling for something other than than their list price, reflecting the reality of today’s market.
Understand the Market Trends
Another critical factor to consider is the trend in sale prices. Are they rising or declining? And by how much? This information can be invaluable in helping you decide whether to price your home higher or lower than recent sales. In a declining market, pricing too high could leave your home sitting unsold for longer, while in a rising market, you might have some room to adjust upward.
Consider a Professional Appraisal
In areas where comparable sales are few and far between—especially in markets with many custom homes—it might be worth getting a professional appraisal before listing. Yes, this will cost you a few hundred dollars, but it can provide a comprehensive view of the local market. Appraisers take into account the unique features of your home, such as a beautiful view, a larger lot, or recent remodels, and how these compare to recent sales. This information can be particularly helpful if your home has standout features that aren’t common in your neighborhood.
Trust Your Agent’s Expertise
Finally, and perhaps most importantly, rely on the advice of an experienced real estate agent. It can be tempting to join the pack of sellers who are still overpricing their homes, hoping to catch that elusive high bid. However, being reasonable in your expectations will allow you to sell more quickly and for the best possible price in the current market. Overpricing can lead to your home sitting on the market longer, which often results in price reductions and a lower final sale price than if you had priced it correctly from the start.
Navigating the complexities of today’s housing market requires knowledge, strategy, and the right agent by your side. Our experienced Realtors at AF Realty Group are here to help you make informed decisions, ensuring you set the right price and attract serious buyers. Don’t leave the sale of your home to chance—reach out to us today to meet with one of our dedicated agents who can guide you through every step of the process. Whether you’re ready to list or just starting to consider your options, we’re here to ensure your real estate journey is a successful one.