Price Your Home Correctly in a Shifting Market

By
Real Estate Agent with Joy Daniels Real Estate Group, Ltd.

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Pricing your home correctly is one of the hardest parts of selling, but it is also one of the most important. Having the right price can make or break your home sale, especially in today’s constantly changing market. Things are starting to shift away from the white-hot seller’s market, so it is getting increasingly important that you are competitive. That’s why I’m here today with some advice on how to price correctly and what common mistakes to avoid. 

 

First, it’s crucial not to get caught up in sentimental value. You may think your home is worth the moon because of the wonderful memories you’ve made in it, which is completely understandable, but now it is time for a new family to get the chance to make memories there, so present a price that makes that possible. 

 

Also, remember that not all of your fix-up projects will get a dollar-for-dollar return. Spending $3,000 on flooring does not mean you’ll necessarily get $3,000 more. Prices fluctuate, so be willing to be flexible. 

 

One of the most common mistakes that sellers make is overpricing their homes. Many people think this is the way to go because it gives them room to negotiate down. This strategy may have worked before when we were in a strong seller’s market; however, things have changed. If you do this now, it might only just cost you a lot in the long run. 

 

Having too high of a price will scare buyers away, then you won’t be able to drum up enough interest. Your home will sit for months on the market, and you’ll have to lower your price. Buyers will notice this and worry that something is wrong with your house. 

 

"Prices fluctuate, so be willing to be flexible."

 

Plus, you might end up chasing the market. Let’s say you insist on listing your home for $300,000 even though homes similar to yours are only selling for $270,000. When your home doesn’t sell for a few months, you lower it to that $270,000, but by then, the market has already changed again, and you will always be a few months behind the market. 

 

The key to pricing correctly is to look for comparable sales, and this is something I would love to help you do. I can help you find homes on the market that are very similar to yours, figure out how much they sold for, and help you base your price around that. This is the most successful route. Research is very important, especially in our shifting market. As things change, we have to stay on top of that. 

 

I don’t want you to make costly pricing mistakes; I want to be your real estate resource. Please reach out to me or a top real estate agent in your area for guidance.

 

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Posted by

Joy

Joy Daniels, GRI, ABR, CSP, e-PRO
JOY DANIELS REAL ESTATE GROUP, LTD
2793 Old Post Road, Suite 200
Harrisburg, PA  17110

(717) 695-3177  office - Call TODAY and let me help you find your dream home!

www.joydaniels.com

Joy@JoyDaniels.com - Email TODAY and let me help you find your dream home!

What is your home worth?  Find out at MLS Market Snapshot

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Comments (4)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

good afternoon Joy - this is important that sellers know that the market has shifted.

Dec 03, 2022 09:53 AM
Joy Daniels

And we as professionals needs to help guide them!

Dec 03, 2022 10:00 AM
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Broker | Realtor | Serving Santa Fe & Northern NM

Solid good advice to home sellers about pricing! The real estate market has changed and it is not wise to chase this market with price reductions! 

Dec 03, 2022 11:42 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Joy, it is critical to price a home properly this time of year, or could be on the market still in January!

Dec 04, 2022 06:45 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Joy... right now, pricing a home correctly upfront is critical. I'm seeing homes languish on the market because sellers priced them to last year's market, not this year's market.

Dec 04, 2022 09:17 AM
Joy Daniels

We have to at the VERY LEAST express that to our clients.  They don't want to be "behind" the wave!

Dec 04, 2022 12:13 PM