Thinking of Selling Your House? Your Asking Price Matters More Now Than Ever
The Tyler area 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 rising in our area, they’re climbing at a slower pace. Higher mortgage rates are slowing buyer demand. Because of this, there are more homes on the market. If you’re thinking of listing your house, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was at a record low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of not getting any showings, or getting some showings, but no offers.
If you start to high, it may sit on the market for a while. You may have to lower the price to try to generate new interest in your house. A price drop can be seen as a signal for some buyers who will wonder what that means about the home and if it is still overpriced or has hidden problems.
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. We can run a fresh market analysis of homes that are similar to yours and are either currently on the market of have just sold in the past month or two. To find the right price, we balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Pricing your house 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 Today
Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an us 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.”
Here’s the Deal
Homes priced right are selling quickly in the Tyler area. Let’s connect to make sure you price your house based on current market conditions so you can maximize your cash at closing and minimize your hassle in a shifting market.