Why It's Important to Price Your House Right Today
Even in today’s sellers' market, setting the right price for your house is one of the most crucial things you can do in order to make the sale. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% throughout 2021. This means experts anticipate home values during 2021 will continue on an upward trajectory. Danielle Hale, Chief Economist for realtor.com, notes:
“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”
How to Price Your House
When it comes to setting the right price for your house, the ultimate goal is to increase visibility, bringing more buyers to you. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized, therefore multiple buyers will be viewing it.
As a seller in today’s market, you might be thinking about pricing your house on the high end considering so many of today’s buyers are vigorously searching just to find a home to purchase. Important takeaway – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.
Right now, even when there are a reduced number of houses for sale, your house is more likely to sit on the market longer or require a price drop that can push potential buyers the opposite direction, if it isn’t priced just right from the get-go.
It’s important to make sure your house is priced correctly... work with a trusted real estate professional throughout this process. When you price it competitively in the beginning, you won’t be holding your breath & negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.
Your key goal in this process is price it to sell immediately! This way, it will be discovered & more thoroughly viewed by the greatest number of buyers. A few of them may be interested, and the positive result will most likely be a competitive price in final negotiations.
You will be way ahead of the game, by allowing the Real Advantage Partners team to help you set the correct price on your house. This will enable maximum market exposure, healthy competition & most importantly your greatest return.