Selling Your House? Make Sure You Price It Right.

Dated: July 8 2021

Views: 302

Selling Your House? Make Sure You Price It Right.

Selling Your House? Make Sure You Price It Right. | MyKCM

There’s no denying we’re in a seller's market With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):

  • Homes typically sell within 17 days (compared to 26 days one year ago).
  • The average home sold has five offers to pick from.
  • 54% of offers are over the asking price.

Because so many buyers are competing for so few homes, bidding wars are driving up home prices According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.

Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.

Why Pricing Your House Right Matters

Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.

Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.Selling Your House? Make Sure You Price It Right. | MyKCMWhen you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.

Bottom Line

When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.

Don't forget to check out our guide's section

Home Seller and Buyer Guides

Blog author image

John Woodman

As your local real estate agent I am here to guide you through every step of the process, start to finish and beyond. John enjoys working with first time home buyers and sellers but can help in every ....

Latest Blog Posts

The Next Generation of Homebuyers Is Here

Many members of Generation Z (Gen Z) are aging into adulthood and deciding whether to rent or buy a home. If you find yourself in this group, it’s important to understand you&rsquo

Read More

Why Pre-Approval Is Key for Homebuyers in 2022

You may have heard that it’s important to get pre-approved for a mortgage at the beginning of the homebuying process, but what does that really mean, and why is it so

Read More

Americans Choose Real Estate as the Best Investment

Some HighlightsAccording to a Gallup poll, real estate has been rated the best long-term investment for eight years in a row.Real estate tops the list because you’re not just buying

Read More

Buyers Want To Know: Why Is Housing Supply Still So Low?

One key question that’s top of mind for homebuyers this year is: why is it so hard to find a house to buy? The truth is, we’re in the ultimate sellers’ market, so real

Read More