When selling something, most people want to get the highest amount that they can. This usually happens when there is much demand for an item and there is low supply. In today's housing market, it is common to see properties that are sold this way. In fact, 46% of homes were put in the market above their list prices according to the National Association of Realtors January 2022 Confidence Index Survey Highlights.
Although there is high demand for properties and while most people are selling their homes higher than their listing prices, it is important to know the right amount to sell your home for. Pricing your home too high or too low may impact the final sale.
Too Low
For instance, if you set the price too low, some people may raise questions about the property's condition. There are also times when buyers make offers that are lower than the listing price, so setting the price too low may not always be the best thing to do.
Too High
On the other hand, setting the price too high may discourage people into buying your home. When this happens, most people are tempted to lower down the price dramatically, which could also raise a red flag. Another downside when listing a property at a very high price is waiting in the market for a longer period of time. It could also be strenuous to show the property to lots of potential homebuyers and end up not having a deal.
Wrap Up
It is good to keep in mind that there are several factors to consider when pricing a property. The key is to make sure that everything is balanced. Of course, it's not always easy to determine what factors you should look into. For this matter, a trusted realtor® should be able to help. A licensed real estate expert would be able to check and determine the values of properties similar to yours in your area, the condition of your property and how it may affect its value when selling, as well as the demand for houses in your area in today's market.
If you are planning on selling (or buying) a home, there's no need to wait, especially when the housing market is ripe. Contact the best real estate agent in Long Island and the top real estate agent team in town: The Island Wide Team! We're always glad to help.
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