Selling your house, even in a hot market, is a series of challenges.
As realtor Lori McShane, host of “Selling With Lori,” says in her latest episode, “In today’s real estate market setting, the right price for your house is one of the most important things you can do.”
As McShane notes, “According to the U S economic outlook by the National Association of Realtors, existing home prices nationwide will increase to 3.8% in 2020 and 2.1% in 2021.”
This means that experts anticipate home values to continue climbing into the next year, she explains. Low inventory is largely keeping their home values from depreciating.
Mark Fleming, chief economist at First American notes that the housing supply remains at historically low levels, says McShane.
“So house price growth is likely to slow, but it’s not likely to go negative,” says McShane, who feels that when it comes to pricing your home, setting it at or slightly below, market value will increase the visibility of your listing and drive more buyers your way.
“The strategy actually increases the number of buyers who will see your home in their search process,” says McShane.
McShane also feels that it’s not a good idea to get into a negotiation battle with one buyer.
Instead of trying to win the negotiation with one buyer, you should price your house,” She notes. “So the demand is maximized this way. Potential buyers don’t get frustrated by a high price tag, and you don’t find your house sitting on the market longer than it should be by doing so.
“You won’t be negotiating with one buyer over the price,” she continued.. “Instead you have multiple buyers competing for the property.”
According to McShane, the secret is making sure your house is priced and ready to sell immediately. That way your house will be seen by the most potential buyers. It’ll more likely sell at a great price before more competition comes to market.
And, McShane adds, “If you’re thinking about listing your house this season, let’s discuss how to price it appropriately to maximize your exposure and your return”