Does Price Matter To Get Your Home Sold???
Recap of our Blogs Posts:
A majority of the country’s Real Estate Markets are experiencing a Seller’s Market. The Market is measured by Supply vs. Demand. Around the country, many cities lack housing inventory. Home buyers are battling a housing shortage as newly listed homes are going under contract within days. Many home buyers are experiencing bidding wars (or several) when making offers on properties.
What does this mean for Homeowners?
Does that mean homeowners should inflate the price of their home, to capitalize on the market conditions?
In a Nutshell: NO!
When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way! This strategy actually increases the number of buyers who will see your home in their search process. When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer. When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight, pricing it right – or pricing it to sell immediately – makes a big difference.
Here’s the other thing: Homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.
Relatively speaking, 2020 might be the best time to put your house on the market. Contact Team Caropreso today so you have an experienced Team on your side to help you properly price your home and maximize home buyer demand from the start!