The market is starting to turn, as evidenced by the latest uptick in mortgage rates, now hovering around six percent as of this writing. The pricing strategy you may have used last year or even at the beginning of this year is no longer going to work. You have to adjust your expectations and accommodate a changing real estate market when coming up with your sale price.
That’s where the assistance of a real estate agent comes in. We have plenty of sellers’ agents who can help you with your pricing strategy. But for now, let’s go over how you can set the right price when selling your home in an uncertain and dynamic market.
What Won’t Work in Today’s Market
Pricing strategies that may have worked swimmingly in an environment of over-asking sales and multiple bids will not work in similar fashion as the market faces change. The power balance is starting to swing back towards buyers but this doesn’t mean you can’t get a great price for your home – provided you price it right.
How you present your home on the market will differ than the way you would have last year or even six months ago. Pricing your home as if no changes have happened in the market over recent months is foolhardy. You probably won’t get a record price for your home as you would have before. But that’s OK. It’s knowing HOW to price your home effectively that will still reap you the rewards you seek.
Late 2022 House Pricing Strategies
Here are some tips to make the most out of a changing market and price your home to sell.
- Use recent comparable sales: Homes with better upgrades will likely sell for less now than a comparably-sized, lesser quality house that sold just a few months back. You have to adjust your price accordingly. You should be looking at between 10 and 12 comps within a certain radius of your property. Your agent can advise you on this.
- Don’t expect appraisal waivers: You have probably heard the stories of how buyers were waiving contingencies such as appraisals and inspections in order to win a bidding war, but that’s not happening as readily now – and that practice is expected to get less and less common as the power play shifts.
- Be realistic about the condition of your home: How up to date is your home? Have you kept up with repairs? Or have you let the house go a bit? Whereas you could’ve sold your home as-is six months ago, now buyers are more likely to negotiate on upgrades, repairs or inspections and are more willing to walk away if the home is not move-in ready.
In the end, even with a cooling market, it’s too premature to say it’s a buyer’s market now rather than a seller’s market. The ball’s still in your court. Just be smart about your approach.
Contact Berkshire Hathaway Premier Properties for Help in Selling Your Home
Even with a cooling market, less competition, and mortgage rates on the rise, it’s still a great time to sell your home. Partner with one of our agents today when you contact Berkshire Hathaway Premier Properties at 713-862-0000.