Price Your Home Right in Our Shifting Market

By Greg Smith

BoulderHomeSource represents the region’s finest properties with exceptional skill, using the most innovative technologies currently available. BoulderHomeSource offers ultimate privacy, security, speed, and efficiency. The team’s years of full-time experience have given them a clear understanding of the mindset of home buyers and sellers and a thorough understanding of the regional marketplace.

If you are keeping up with the housing market, you’ve probably heard about decreasing sales, rising interest rates, and increasing inventory. It might lead one to think that we are heading for a housing market crash. But, according to experts, the market is not going to crash. Instead of crashing, our housing market is correcting.

If you’re looking to sell your home soon, what does this mean for you? Fortunately, we are still in a seller’s market, but even with this advantage, you still have to be careful about how you price your home. One wrong move, and your house could sit on the market for a long time, forcing you to decrease your price. So, how should sellers price their homes to succeed in this market? Here are three ways that you can price your home in a correcting market.

1. Don’t price your home too high. When you price your property too high, you could end up “chasing the market.” In this scenario, an overpriced house can turn off potential buyers. You could try lowering your price, but by that point, the market may have changed again. This is a seller’s worst nightmare—if it happens, you may even have to take your property off the market and try again later.

2. Price your home slightly below market value. It seems odd, but this will guarantee that your home is the most attractive deal in your area. If everything goes according to plan, buyers will flock to your house, and the competition among them will naturally bring the price up to or above market value. The risk with this strategy is that if only a few buyers come to your home, there might not be enough competition to drive up the price. However, this is a fantastic option if you need to sell quickly.

3. Work with a real estate professional. Working with a professional who can look at comparable sales in your area is one of the easiest and best ways to determine the goldilocks price—one that isn’t too high or too low, but just right. This can be difficult to do on your own in a correcting market, but professionals have access to market data that will make the process much easier.

At the end of the day, sellers can still achieve desirable results in this market as long as they do their research and price their homes correctly. If you would like to discuss which strategy might be best for you, don’t hesitate to call or email me. Have a great day!