Selling Your House? Your Asking Price Matters More Now Than Ever
There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever.Why Today’s Housing Market Is DifferentDuring the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.Why Pricing Your House at Market Value MattersThe price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com explains the impact that’s having:“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A real estate advisor knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.Why You Still Have an Opportunity When You Sell TodayRest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”Mike Simonsen, the Founder and CEO of Altos Research, also notes:“We can see that demand is still there for the homes that are priced properly.”Bottom LineHomes priced right are selling quickly in today’s real estate market. Let’s connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
Por qué sigue siendo un mercado de los vendedores
A medida que se habla cada vez más sobre el enfriamiento del mercado de la vivienda del frenesí máximo que se vio durante la pandemia, es posible que se pregunte qué significa eso para los planes de vender su casa. Si está pensando en mudarse, debe saber que el mercado sigue siendo cualquier cosa menos normal.A pesar de que la oferta de las casas en venta ha estado aumentando este año, todavía hay una escasez de casas en el mercado. Y eso significa que las condiciones continúan favoreciendo a los vendedores hoy. Esto se debe a que el nivel de inventario de casas en venta puede ayudar a determinar si los compradores o vendedores están en control. Vealo de esta forma:Un mercado de los compradores es cuando hay más casas en venta que compradores que buscan comprar. Cuando eso sucede, los compradores tienen el poder de negociación porque los vendedores están más dispuestos a comprometerse para poder vender su casa.En un mercado de los vendedores, es todo lo contrario. Hay muy pocas casas disponibles para el número de compradores en el mercado y eso le da al vendedor todo el apalancamiento. En esa situación, los compradores harán lo que puedan para competir por el número limitado de casas en venta.Un mercado neutral es cuando la oferta está equilibrada y hay suficientes casas para satisfacer la demanda de los compradores al ritmo de ventas actual.Y durante los últimos dos años, hemos estado en un mercado de los vendedores al rojo vivo porque el inventario ha estado cerca de mínimos históricos. La sección azul de esta gráfica destaca cuán por debajo de un inventario de mercado neutral todavía está hoy.¿Qué significa esto para usted?Ed Pinto, Director del Centro de vivienda del American Enterprise Institute ofrece un resumen perfecto de lo que está sucediendo en el mercado actual, diciendo:“En general, el mejor resumen es que pasaremos de un mercado de los vendedores a la perfección a un mercado de vendedores modesto”.Las condiciones siguen estando a su favor a pesar de que el mercado se está enfriando. Si trabaja con un agente para fijar el precio de su casa a su valor del mercado, encontrará el éxito cuando venda su casa hoy. Si bien la demanda de los compradores se está suavizando debido a las tasas hipotecarias más altas, las casas que tienen un precio correcto todavía se están vendiendo rápidamente. Eso significa que su ventana de oportunidad para poner su casa a la venta no se ha cerrado.En conclusión,El mercado actual de la vivienda todavía favorece a los vendedores. Si está listo para vender su casa, vamos a comunicarnos para que pueda comenzar a dar sus pasos.
Why It’s Still a Sellers’ Market
As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.Even though the supply of homes for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.In a sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.A neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows. The blue section of this graph highlights just how far below a neutral market inventory still is today.What Does This Mean for You?Ed Pinto, Director of the American Enterprise Institute’s Housing Center, gives a perfect summary of what’s happening in today’s market, saying:“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”Conditions are still in your favor even though the market is cooling. If you work with an agent to price your house at market value, you’ll find success when you sell your house today. While buyer demand is softening due to higher mortgage rates, homes that are priced right are still selling fast. That means your window of opportunity to list your house hasn’t closed.Bottom LineToday’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.
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