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Maximizing Your Sale Potential: The Importance of Properly Pricing Your Residential Real Estate

Are you thinking of selling your residential real estate property? It’s important to keep in mind that the housing market has slowed down compared to the past few years and this means that pricing your home correctly is more crucial than ever.

Higher mortgage rates have affected the real estate market in 2022. As the cost of financing a home purchase increased, buyer demand decreased, resulting in more homes being available on the market, a decrease in bidding wars, and buyers having more negotiating power. While this may not necessarily mean it’s a buyers’ market, it does mean that it’s a more moderate sellers’ market than we’ve seen in the past couple of years.

The price you set for your house sends a message to potential buyers. If you price it too high, you risk deterring buyers. If this happens, you may need to lower the price in order to try and rekindle interest in your property, but keep in mind that a price drop can be perceived as a red flag to some buyers who may wonder what it means about the home or if it’s still overpriced.

It’s important to get the pricing of your home right from the start to avoid having to lower the price later on. A real estate advisor can help you determine the perfect asking price by considering factors such as the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.

While inventory may be low overall, it’s still a sellers’ market, which means that if you plan accordingly, you’ll still get great benefits. Homes that are priced correctly, especially in areas with lower inventory levels compared to 2019, are selling quickly. On the other hand, houses that aren’t priced appropriately in the current market are taking longer to sell.

If you want to maximize your potential and minimize your hassle when selling your residential real estate, it’s important to price your home based on current market conditions. Contact us to connect with a real estate advisor who can help you do just that.

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