Has your house been lingering on the market without finding a buyer?
In this current Real estate market, this is quite uncommon, given the persistently low supply of homes for sale. Your property should be a sought-after oasis in a market parched for inventory.
If your home isn’t selling, one potential hurdle may be your asking price. With today’s higher mortgage rates putting a strain on buyers budgets, they are more price-sensitive. The Wall Street Journal advises against getting overly ambitious with the asking price in this market, emphasizing that while it’s still a seller’s market due to limited affordable homes, buyers are cautious with prices exceeding 6% for a 30-year mortgage.
Setting the right price is crucial. Despite the emotional attachment you may have to your home, its value is ultimately determined by what buyers are willing to pay in the current market. Overpricing can discourage potential buyers and lead them to dismiss your home without consideration.
To rekindle interest in your home, enlist the assistance of a local real estate agent. They leverage data to assess if your home is priced appropriately for the local market, considering factors like neighborhood values, market trends, buyer demand, and your home’s condition. A real estate agent can guide you in finding the optimal price to attract buyers and facilitate a successful sale, allowing you to move on to your next chapter. While the inventory of homes for sale may be limited, your home’s asking price remains a crucial factor, and if it’s not selling, it may be priced too high.