There is no denying that the housing market has slowed since the frenzy of the previous two years. But if you're considering selling your house, what does that mean for you?

While experts predict that home prices will continue to rise in most markets, they will do so at a slower rate as a result of declining buyer demand brought on by rising mortgage rates. As a result, there are more houses available. And in such a shift, pricing your home is more important than ever.

Why Today’s Housing Market Is Different

Because demand was so high and supply was so low during the pandemic, sellers could price their homes higher. Things are changing this year, which means your approach to pricing your home must change as well.

Because buyer demand is down, sellers must recognize that this is a different market than it was during the pandemic. What's at stake if you don't?

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 deterring buyers.

When this happens, you may need to lower the price to rekindle interest in your home after it has been on the market for a while. However, some buyers may interpret a price drop as a red flag and wonder what it means about the home or if it is still overpriced. Some sellers aren't adjusting their expectations to the current market, and realtor.com explains why:

“. . . 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 should price it correctly from the start. A real estate agent understands how to determine the ideal asking price. To determine the appropriate price, they consider the value of homes in your neighborhood, current market trends and buyer demand, the condition of your home, and other factors.

Not to mention that pricing your home fairly based on market conditions increases the likelihood that you will have more buyers interested in purchasing it. This leads to stronger offers and a higher likelihood of the property selling quickly.

Why You Still Have an Opportunity When You Sell Today

Rest assured that it is still a sellers' market, and you will benefit greatly if you plan ahead of time and work with an agent to set your price at the current market value. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR),

“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 Line

Homes 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.