With home prices expected to continue rising well into 2021, it is extremely important to price your home correctly in order to reach the greatest scope of buyers. Although this market is considered to be a seller’s market, it is still essential to understand how to price your home accordingly. As we look to the future, we are expecting to see a 4.5% increase in home prices nationwide.
When it comes to listing your home on the market, it can be difficult to determine a fair price. The ultimate goal in this process is to increase visibility to your audience and attract the largest amount of buyers as possible to your home. Driving traffic to your home will be necessary to ensure that demand is properly maximized.
If you price your home under market value, it could be detrimental to the sale of your home. Pricing your home too low decreases your future buying power, deters future buyers because they assume something is wrong with the home, and your home will overall lose value.
But, pricing your home well above market value, could be just as big of a risk. An overpriced home will sit on the market for longer periods of time and deters potential buyers from being interested. Too high of home prices could lead to frequent price drops which would further deter buyers from purchasing your home.
By working with a trusted real estate agent, you can come to a correct decision of where to price your home and at a fair market value. If you price competitively from the very beginning stages of the buying process, you will have a far greater chance for bidding wars amongst multiple buyers. Making sure your home is priced to sell immediately will maximize your visibility and sequentially your return. Connect with a Seven Gables Advisor today to learn more about competitively selling your home in this market.