Wednesday, August 18, 2021 / by Ken Couture
Selling Your House? Make Sure You Price It Right.
There's no denying that we're in a seller's market. With low inventories and high demand from buyers, homes are currently selling for well above all-time highs.
Because there are so many buyers competing for so few homes, bidding wars drive up prices. According to the average forecasts of leading experts, the prices of existing homes are expected to increase by 8.9% this year.
However, even in today's red seller's market, it is important that your home is properly valued. Even though you can have high prices to take advantage of this trend, it can limit the potential of your home.
Why Pricing Your House Right Matters
Here's the problem - a high price doesn't mean you'll make a lot of money selling. While you may be trying to maximize your profits, the trade-off can be very high. High list prices are more likely to discourage buyers from staying on the market longer or demanding a lower price, which can raise questions among potential buyers.
Instead, focus on setting a fair price. Real estate professionals know the value of your home. By evaluating your home based on its current condition and similar recently sold homes in your area, your agent can help you set a realistic price and can be bought - that's good news for you and the buyer.
When you value your home correctly, you increase the visibility of your home, which in turn attracts more buyers to your doorstep. The more buyers visit your home, the more likely you are to have multiple bid scenarios to create a bidding war. As more buyers scramble for your home, you make more money.
Bottom Line
When it comes to appraising your home, working with a local real estate professional is essential. Make sure you have an expert by your side to optimize your visibility, schedule, and return on investment.
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