As the market begins trending downward, here’s how you price your home.

Today, I'm excited to talk about how to price your home in a shifting market. Over the last few months, you may have heard about the changes in the real estate market. As a result, now is the time to get educated on how to correctly price a home. When things move from one of the hottest seller's markets in history to a shifting market that is beginning to trend downwards, you have to adapt. 

A few months ago, you could price homes slightly above the comparables because the market was trending up. In this new market, many homes are reducing their prices. The number of days that a home will stay on the market is growing, and the buyer pool is decreasing due to the extremely sharp rise in mortgage rates. That doesn't mean the market is crashing, but it does mean you need to change your strategies. 

“Now is the time to get educated on how to correctly price a home.”

It’s important to stay ahead of the market and price slightly lower than comparables to look as competitive as possible. You don't want to be caught chasing the market down. Many sellers are slow to react to shifting markets and insist on pricing their homes slightly above where their neighbors' homes sold 90 days ago. If you do this, you may end up never catching up with the declining market. What typically happens is you end up selling at the very bottom of the market, leaving a significant amount of equity on the table.

With all the uncertainty in this market, you need to price ahead of the competition. If you want help coming up with a winning strategy to get your home sold for the highest price in the shortest amount of time, contact me! Call, text, or email me anytime, I’d love to help you.