Why Your Asking Price Matters Even More Right Now

Why Your Asking Price Matters Even More Right Now

As a seller, you're likely aware that the housing market is still a seller's market, but you can't just pick any price for your listing. With home prices appreciating at a slower pace due to higher mortgage rates, and the supply of homes for sale growing, buyers have more options and negotiation power. This means your house may not stand out as much if it's not priced right.

Avoiding Pricing Mistakes

To avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really knows your local market. If you lean on the right agent, they'll help you avoid making mistakes like:

• Setting a Price That's Too High: Some sellers have unrealistic expectations about how much their house is worth. An agent will help you base your price on facts, not opinion, so you have a better chance of hitting the mark.

• Not Considering What Houses Are Actually Selling for: Without an agent's help, some sellers may use the wrong comparable sales (comps) in their area and misjudge the market value of their home. An agent has the expertise needed to find true comps and give you valuable insights into how to price your house competitively.

• Overestimating Home Improvements: Sellers who have invested a significant amount of money in home improvements may overestimate how much those upgrades affect their home's value. An agent factors in what you've done and what buyers in your area actually want as they set the price.

• Ignoring Feedback and Market Response: Some sellers may be resistant to lowering their asking price based on feedback they're getting in open houses. An agent will remind them of the importance of adjusting to the market response.

By working with an experienced agent, you can avoid these common pricing mistakes and ensure a successful sale.