December 28, 2020
In today’s sellers’ market, setting the right price for your house is one of the most important things you can do. According to the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue to climb. Danielle Hale, Chief Economist for realtor.com, notes:
“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”
When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, price your house so that demand is maximized.
As a seller in today’s market, you might be thinking about pricing your house on the high end. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.
Even when home inventory is low, your house is more likely to sit on the market longer if it isn’t priced just right from the very beginning. When you price it competitively, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.
The key is to price your home to sell immediately. Your home will be seen by the greatest number of buyers. If more than one buyer is interested, it is more likely to sell at a competitive price.
To maximize your exposure and your return, reach out to a real estate professional.
Article from Keeping Current Matters 2020
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