There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):
- Homes typically sell within 17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential. Even in this hot seller’s market South of 121st Street in Bixby Oklahoma 74008, Jenks Oklahoma 74037, Kiefer Oklahoma 74041, Mounds Oklahoma 74047, Glenpool Oklahoma 74037, Sapulpa Oklahoma 74066, and Tulsa Oklahoma we have homes sitting on the market or even expiring. Buyers have so much information at their fingertips they are savey on pricing.
Why Pricing Your House Right Matters
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, and you cannot rely on Zillow’s “Zestimate” to price your home. Reach out to me Sabrina Shaw, here at Home by Sabrina, as we can help you set an ideal price that will attract the most buyers and net you the highest return on your investment.
When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
When it comes to pricing your house, it is vital to work with an experienced real estate professional who knows the market inside and out. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.