In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.
According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.
With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so the demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.
The secret when selling your home is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.
Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).
Spring is a popular time for sellers to list their homes on the market. Listing your home involves more than getting it ready for its close-up with potential buyers; to get buyers through the door, the home must be listed at the right price.
A well-priced home not only captures the attention of potential buyers, but it also prompts interested buyers to act. The sooner they act, the more likely one of them will make an offer and get the process underway.
If the price is right, your home will attract the right buyers who can afford your home.
When a home is priced well, interested buyers will see its value and may submit an offer at or close to your list price. In some areas, a well-priced home may even set off a bidding war among interested buyers.
If you’re debating listing your house for sale, let’s get together to discuss how to price your home appropriately and maximize your exposure.
If you would like a no-cost, no-obligation assessment of your home, please do not hesitate to contact us today! Or, check your home value on our site at: https://www.greatersandiegoareahomes.com/evaluation
Brought to you by San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for over 16 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com