Did you know that when you sell a home at the right price it makes a difference? We have recently been asked by home sellers if they should list their home higher because there are fewer homes for sale and a greater demand for homebuyers. The answer is no, and we will explain why.
Have you ever watched the show The Price Is Right? If you have watched the show, you know the only way to win is to guess the price of the item without going over the price. Your guess must be slightly under the retail price.
The same holds true for the real estate market. When you sell a home, listing it at or slightly below market value will increase visibility. It will increase the number of buyers who will see your home in their search results. Why? When potential buyers look at your listing and see a great price, they will probably want to schedule an appointment to see your home. You will have more showings for potential buyers to make an offer for the home.
When this happens, you’re more likely to have multiple offers for your home, potential bidding wars, and a higher sale price. Even when there are fewer homes for sale, pricing it right – or pricing it to sell immediately – makes a big difference.
A homeowner who makes the mistake of overpricing their home will eventually have to lower the price anyway after it sits on the market over time. This leaves buyers wondering if the reduced-price drop was caused by something wrong with the home. In reality, there was nothing wrong with the home, the initial price was just too high.
It’s a Good Time to Sell a Home this Year
The Housing Opportunities and Market Experience survey from the National Association of Realtors® showed that most people feel good about selling a house now. 75% of people surveyed indicated they believe now is a good time to sell a home. The results are even higher with people having a yearly salary of $100,000 or more, 82% believe now is the time to sell your home.
When the study was broken down by regions, the results still showed people feel good about selling their home.
• Northeast: 71% positive
• Midwest: 76% positive
• South: 72% positive
• West: 81% positive
In addition to income and regions, the report also divided the results by generation, as shown in the graph below:
As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.
When you are in the market to sell your home and you need a realtor who knows how to price your home to sell, contact Wenzel Select Properties at (630) 430-4790. Our real estate office is located at 4941 Main Street in Downers Grove, Illinois. We are minutes away from Interstates 88, 355, 55, 290 and 294. Our real estate agents are available to meet with you 7 days a week – Monday through Sunday.