$\"The$ \n

When you put your house on the market, you want to sell it quickly and for the best price possible; that\u2019s generally the goal. But too many sellers are shooting too high right now. They don\u2019t realize the market has shifted as inventory has grown. The side effect? Price cuts are on the rise, but they really don\u2019t have to be. Here\u2019s why.<\/p>\n

According to data<\/a> from Realtor.com<\/em>, in February, price cuts were the highest they\u2019ve been in any other February since 2019 (see graph below<\/em>):<\/p>\n

If you consider that 2019 was the last true normal year for the housing market \u2013 that\u2019s a big deal. We\u2019re getting back to what\u2019s typical for the market. <\/strong><\/p>\n

This isn\u2019t the same frenzied seller\u2019s market we saw a few years ago. You may not get the same price your neighbor did at the height of the pandemic. And that means you may need to reset your expectations.<\/p>\n

Because here\u2019s the reality. If you shoot too high and have to lower your price after the fact, you could actually end up walking away with lower offers than if you\u2019d priced it right from the start. So, how do you avoid that? You lean on your agent.<\/p>\n

How an Agent Helps You Nail the Right Price <\/strong><\/h4>\n
A great agent doesn\u2019t just pull a number out of thin air. They\u2019ll use real data and market trends to make sure your house is priced based on what your specific home is valued at today. So, you\u2019re setting a realistic price \u2013 one that\u2019ll draw in serious buyers.<\/p>\n
And based on your agent\u2019s analysis of your local market, they may even recommend strategically pricing slightly below market value to help your house attract more eyes and more competitive offers. Here\u2019s how your agent will determine the right number for your house:<\/p>\n
\n
They look at recent sales. <\/strong>What did similar homes in your area actually sell for? Not list for, sell for.<\/li>\n
They analyze local market trends<\/strong>. Your home\u2019s value isn\u2019t just about what you want for it, it\u2019s about what buyers in your area are willing to pay.<\/li>\n
They craft the right strategy. <\/strong>They\u2019ll make sure your home is priced to attract attention and create a sense of urgency among buyers.<\/li>\n<\/ul>\n
Why Overpricing Backfires <\/strong><\/h4>\n
Unfortunately, some sellers still ignore their agent\u2019s advice and prefer to start high just to see what happens. The hope being maybe they get their full asking price, or they at least have more wiggle room for negotiation. But pricing high usually ends up costing you, and here\u2019s why:<\/p>\n
\n
Buyers may not even look at it<\/strong>. Today\u2019s buyers are more budget-conscious than ever. If they see a home that seems overpriced, they\u2019re likely to skip it completely rather than try to negotiate.<\/li>\n
It could sit on the market for too long<\/strong>. The longer your home sits unsold, the more buyers will assume something\u2019s wrong with it. That can make it even harder to sell down the line.<\/li>\n
You might end up getting less<\/strong>. Homes that require a price cut often sell for less than they would have if they had been priced right from the start.<\/li>\n<\/ul>\nYou can see that shake out in the graph below. It uses data<\/a> from the National Association of Realtors<\/em> (NAR) to show that the longer a house sits, the less it\u2019ll sell for:<\/p>\n
$\"a$ <\/a>This graph shows that if a house sells within the first 4 weeks it is listed, it usually goes for full price. Based on experience, that\u2019s what usually happens to homes that are priced at or just below current market value. If it\u2019s priced right, buyers will be interested, and, ultimately, willing to pay the asking price \u2013 or compete with other buyers and even go over asking.<\/p>\n
But if a house isn\u2019t priced right, it doesn\u2019t sell as quickly. And this graph shows that, after the first 4 weeks on the market, the price starts to drop from there. That\u2019s because buyer interest falls off the longer it sits. So, it becomes more likely a seller will either accept a lower offer because that\u2019s all they have, or opt to do a price drop to draw people back in.<\/p>\n
Bottom Line<\/h3>\n
The last thing you want is to list too high, watch your house sit, and then have to drop the price just to get attention. Talk to a local agent so that doesn\u2019t happen to you.<\/p>\n
Want to make sure your home sells quickly and for the best price? Connect with an agent to talk about the right pricing strategy for your house.<\/strong><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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