Even in a seller’s market, it’s important to know where your home’s “sweet spot” is in terms of price.
Though you’re probably well aware of it by now, we’re still in a seller’s market—slumping inventory and our still-low interest rates indicate as much. With that in mind, there are a few pieces of information I want to share with you if you’re thinking of place your home on the market this season.
In a seller’s market, the reflexive response from most sellers is to raise their asking price in order to get the most out of especially favorable market conditions.
Redfin recently published a study which sought to identify the disparity between the number of views and visits a property receives on its very first day on the market versus the day its price is reduced.
Their findings illuminate how important it is to work alongside a market expert who can help find your home’s “sweet spot,” so to speak. They’ll be able to come up with a sound pricing strategy so that you can extract the most value from your sale without pricing yourself right out of the market and having to make a subsequent price reduction.
Because homes that sit on the market for months on end tend to invite lowball offers, your safest bet is to price your home aggressively so that you can compete with similar properties in the market. The more competitively you price, the better your home’s chances are of garnering attention and generating multiple offers.
If you’re thinking about selling your home and you’re curious what that “sweet spot” is for you, please call us at (309) 282-1000 or visit our website. We’d be happy to have one of our listing specialists meet with you free of charge and obligation to determine your home’s potential value. We hope to hear from you soon!