There’s no doubt about it. While the local real estate market is still strong, the selling frenzy of the past few years has subsided, and the shift that is occurring means your approach to pricing your property needs to shift along with it.
While prices are still appreciating, the pace of appreciation has slowed. Increased interest rates have tempered buyer demand so there are more homes on the market. Your price sends a message to buyers who are extremely well educated when it comes to property values, and know an overpriced listing when they see one.
Sure, you can always reduce the price, but that too sends a message—and not a good one. Price reductions often leave a buyer wondering what’s wrong and whether it’s still overpriced.
Properly priced homes take into consideration current market conditions, the location and condition of the property, the value of other homes in the area and buyer demand. The more fairly priced, the more interest it creates, and the more buyers vie for it – which results in your best price and terms.
It is still a seller’s market, but a proper pricing strategy is crucial to obtaining the best price and terms with the least amount of hassle. Let’s talk about how to make this shifting market work for you. You can reach me at 215-813-6655 or Lynne@LynneKelleher.com. I’d love to meet you!