Pricing Your Home to Sell in a Softening Market 

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

Pricing Your Home to Sell in a Softening Market 

 

The summer selling season in in full gear. Home sellers who were looking forward to sky-high prices and the multiple Offers their neighbors and friends got 3 months ago, may find disappointment in a softening market. In a declining market, pricing a home becomes critical to success. 

 

Pricing your home in a softening market 

 

The first step is to realize the market has changed. Buyers will not overpay for a home in an uncertain market. Whereas just a few months ago it might have made sense to “test the market” and set an aggressive price, sellers who try that strategy today will lose valuable time, risking an even slower market when the home sells. 

The Truth about Pricing your Charlotte home

Home Value Truths 

· What you paid for your home does NOT affect its value. 

· Your asking price does NOT affect its value. 

· What your home may have sold for 2 months ago does NOT affect its value. 

 

 

The value of your home is determined by what a qualified buyer in today’s market is willing to pay for it, comparing it to others on the market for sale. 

 

Pricing Strategy in a Softening Market 

 

Your pricing strategy should be similar, regardless of whether you are in an accelerating or declining market – to price the home ahead of the market. In a declining market, that means you should price your home slightly below the most recent comp. 

 

Using this strategy, you will demonstrate to buyers that you understand the value of your home and are serious about getting it sold quickly. This puts you in the best position to maximize your selling price in the current market climate.

 

© Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | SavvyBroker@me.com | Pricing Your Home to Sell in a Softening Market 

Comments (24)

Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Debe,
You always have great insight and advice. An experienced full-time agent is ALWAYS a good investment and even more so in a shifting market.

Jul 30, 2022 07:39 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debe this is not only great advice but also demonstrates your experience and professionalism in Real Estate.

Jul 30, 2022 11:53 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Excellent advice as we all face a shifting market. We must have these honest conversations with our clients.

Jul 30, 2022 05:34 PM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Evening Debe Maxwell, CRS 

Replying to you from the White Mountains of NH. Pam & I are taking a few days away as a change of scenery and sameness is in order.

I agree with this 100% "In a declining market, that means you should price your home slightly below the most recent comp.  

Jul 30, 2022 07:16 PM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It will be interesting moving forward. Some just waited too long before trying to cash in Big

Jul 31, 2022 06:06 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

This makes perfect sense. I've had serious conversations with sellers concerning this practical advice. The market has changed and our strategy has to change, too.

Jul 31, 2022 02:50 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I have too, Laura Cerrano! Patience is definitely key...that and PRICING!

Jul 31, 2022 07:15 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thank you so much, Endre Barath, Jr.! They are TOTALLY out of touch and now, more than ever, they need our guidance. They will learn this over time, I'm sure!!

Jul 31, 2022 07:17 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Kat Palmiotti I hear more and more from agents and my own clients that the consumer has no clue what is happening in our market. Education is SO important in what we do. We really can make a difference if we educate, educate, educate!

Jul 31, 2022 07:18 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thank you so much for your continued support, Roy Kelley

Jul 31, 2022 07:19 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thank you, Carol Williams! You are so right - EXPERIENCED and full-time is a winning combination for clients in any market but, in a shifting market, it's even more important. 

Jul 31, 2022 07:20 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Aww, you're so kind, George Souto! I truly appreciate your support! 

Jul 31, 2022 07:21 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I think that is where some of our peers go off the rails, Dr. Paula McDonald - they either perpetuate the doom & gloom narrative. OR, they sugar-coat the market and neither are really helpful - at all!

Jul 31, 2022 07:23 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I do hope you and Pam are enjoying a lovely time in the White Mountains! 

Thank you for commenting and I had no doubt we were on the same page!

Jul 31, 2022 07:24 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I am one of those, Michael J. Perry! I couldn't get a tenant out quickly enough. Being nice has cost me tens of thousands of dollars. I hope I can make it up elsewhere!!

Jul 31, 2022 07:24 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

It's something that we all really need to do, Pat Starnes-Front Gate Realty! We HAVE to be flexible and tweak our strategies often. When educating our clients, sphere and the consumer, our conversation has to begin with honesty. Sugar-coating it does nothing for anyone!

Jul 31, 2022 07:28 PM
Gary Gucciardo
Century Homes Realty Group - Flushing, NY
Let Gary help open the door to your perfect home!

I'm seeing many sellers make this very mistake lately. They are pricing the homes as if it was the heyday of last year saying "I'll just wait for my price!" The only problem with that philosophy is, no one has a crystal ball and the homes just sit on the market. Pricing the home "ahead of the market" is a great piece of advice and a good way to explain it to home sellers. Thank you for the well written post!

Jul 31, 2022 08:10 PM
John Marshall - FORE!
LoKation Real Estate - Cherry Hills Village, CO
Specializing in Golf Course Properties

Debe Maxwell, CRS this is great advice, and exactly where our market is, I will be sharing this with my agents, thank you for sharing your wisdom.

Aug 01, 2022 12:56 PM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

It may be a challenge for sellers to understand this, but pricing ahead of the market is an excellent strategy. If you, for some reason, end up pricing too low, usually it will either sell for more or sell very quickly. Either outcome is preferable to languishing on the market and enduring price reductions.

Aug 01, 2022 03:01 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Great tips Debe Maxwell, CRS.  I have three listing right now.  I think we priced them all well accounting for the market turn, but the turn here was so quick and so sharp, I do not think the trend has been defined well yet (in our area) and two of the three are not getting a lot of activity.  I do have a lot of patience, but this time I do not think patience is a virtue.  

Aug 03, 2022 05:59 AM