Over the last year, the housing market’s gone through significant changes. While it remains a sellers’ market, homes priced right are selling and get the most attention from buyers. If you’re considering selling your home this spring, it’s essential to lean on your expert real estate advisor when setting a list price. As Realtor.com explains:
“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”
In today’s market, how you price your house will make a big difference to your bottom line and how quickly your home will sell.
Why Pricing Your House Right Matters
Your asking price sends a message to potential buyers, especially today.
If a home’s price is too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If a home’s price is too high, you risk deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who wonder what it means about the home.
To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to more substantial offers and a greater likelihood your home will sell quickly.
Three Best Practices for Selling Your Home This Year discusses the impact Price has on Listing Visibility.
The visual below helps summarize the impact your asking price can have:
Optimal Time to List
The New York City, real estate market is back to behaving seasonally. The spring market is the optimal time to list a home to maximize value, as evidenced by the UrbanDigs chart below. The market has been improving for months and is nearing peak recovery. Sellers target the first 30 days to solidify a deal and leverage high liquidity levels before June. After June, liquidity drops off for the summer months. There is a short pick-up in the fall, but it does not match the spring season. If your home is on the market for over 60+ days with minimal activity, it’s time to revisit your pricing strategy.
Liquidity Pace Chart
Liquidity measures the strength of a seller’s ability to transact at the price they seek. The Liquidity Pace Chart below from UrbanDigs evidences the surge from the past few months and appears to be topping out. We are at the peak liquidity phase of the spring season, and the liquidity will be strong for the next four to six weeks until summer arrives.
Buyers Reality
Buyers are experiencing increased competition for listings priced correctly and in good condition. The following purchasing window for well-priced listings for buyers will be in the summer. The UrbanDigs Market Pulse is a ratio between real-time pending sales (a measure of contract activity before closing) and real-time inventory, producing a number indicative of changing market forces, and consumer leverage evidences a neutral market. A higher number represents market strength and leverage shifting to sellers. A lower number represents market weakness and leverage shifting to buyers.
Key Takeaway
Homes priced at the current market value are selling faster and at a better price. Let’s connect today to ensure you price your house appropriately, maximize your sales potential, and minimize hassles.
Three Best Practices for Selling Your Home This Year discusses the impact Price has on Listing Visibility.
Other educational articles about the market and your home search are under Karen’s Blog.
