Price your Barnegat Home Right from the Beginning!
Overpricing a home is the #1-way sellers sabotage their ability to get the most money for their property. The common logic is that pricing a home higher will lead to a higher sale price – that is faulty reasoning.
In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.
According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.
In Barnegat, the sales price has increased by 5.03% over the last 2 years. The list price for homes have increased by 11.93%. But, the average sale price of Barnegat homes has actually decreased by 1.68% over the last year.
With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.
The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.
If you’re debating listing your Barnegat house for sale, let’s get together to discuss how to price your home appropriately and maximize your exposure.
Karl Hess provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding communities. Contact us today for more information on Barnegat Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Your Realtor on The Jersey Shore in Ocean County