There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate.
Because inventory is so low, bidding wars are driving up home prices faster than Gen Z TikTok trends. And prices aren’t expected to slow down any time soon.
So, while it may be tempting to price your home on the high side to capitalize on this trend, doing so could limit your house’s potential. Even in today’s red-hot sellers’ market, it’s essential to price your house right.
A high price tag doesn’t mean you’re going to cash in big. In actuality, it’s more likely to deter buyers, sit on the market longer, or require a price drop that raises questions among prospective buyers. Instead of thinking like a Bezos, focus on setting a fair price.
The perfect price increases your home’s visibility, driving more buyers to your front door. The more people that tour your home, the more likely you’ll have a multi-offer scenario that creates a bidding war. Bidding wars are a seller’s ideal scenario because multiple buyers competing for your house sets you up for a more significant win.
What You Need to Know
When it comes to pricing your house, make sure you have an expert on your side to optimize your exposure, timeline, and return on your investment.