Is your house lingering on the market without securing buyers or visits? Have you had multiple visits to your home, but offers that are beneath your expectations? Is your Home Priced Too High?
This situation should be unusual in the current real estate landscape where the supply of available homes on the Main Line PA has been constricted for the past years. With so few options, your home, when priced properly, should have multiple offers and sell with terms favorable to you.
So it your house hasn’t sold yet, despite the scarcity of options for homebuyers, there is usually only one explanation, your asking price.
Given the current lending environment, where higher mortgage rates are impacting buyer budgets, those shopping for homes are particularly price-sensitive. A recent Wall Street Journal (WSJ) article emphasizes this point:
“IThis is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Why Setting the Right Price Matters
You may be tempted to maximize the return on your investment when selling your house, however it’s equally important to be realistic and in line with current market conditions.Your house will only sell for what buyers are willing to pay in the present market.
With emotions run high during the selling process, your ties to a home where you’ve lived for years can make it difficult to be objective. It is essential to recognize that an inflated price tag may deter potential buyers, causing them to overlook your property before even considering a visit. If no one is looking at your house, how can it selll?
If your home has been on the market, it might be time to reconsider the expertise of a local and reputable real estate agent with proven pricing expertise. We analyze all available local sales data to assess whether your home is priced too high for thel market. We take into account a number of factors including value of homes in your neighborhood, current market trends, demand, condition of your house, and much more to determine the right price. This strategic approach aims to help you close this chapter and embark on your next one.
While the inventory of available homes is limited, the asking price of your home remains a deciding factor for the time in which the home will sell, and the conditions most favorable to you. If your house is not selling consider the price tag, and seek the assistance of a local real estate agent. Contact Kimmy Rolph Real Estate to discuss the right price for your home, risk free.
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