Published July 29, 2022
Pricing Your Home in a Shifting Market
It's essential for you to get your home in the best condition possible and then price it correctly and competitively if you want to maximize the sale of your home in the current market. As an agent, I can't change the market conditions, but it is my job to show you how to get your house sold in the existing market conditions.
In his book, SHIFT, Gary Keller talks about "The Tale of Two Markets," where there are actually two separate markets in every real estate market.
1. Homes priced to sell
2. Homes priced to sit
"Just because a house is on the market doesn't mean it's in the market." -Gary Keller
The chart illustrates this idea very clearly; if your home isn't priced appropriately based on the condition of the market and the house, it's unlikely to sell.
When we were in a sellers' market, we saw a lot of multiple offers, and it wasn't so much whether a home would sell, it was a question of how long it would take and how much it would sell for. However, with the market shifting, buyers are looking for value pricing; if we don't meet those expectations, we'll be overpriced and overlooked. That's why it's essential for us to get your home in the best condition possible and then price it correctly and competitively. Pricing correctly early is critical as well when considering the impact it has on the attention your property gets.
More buyers purchase their properties at market value than above market value. If you price your property at market value, you are exposing it to a much greater percentage of prospective buyers, and you are increasing your opportunity for sale.
