What's Up Wednesday- July 22, 2020
We've been talking for a couple of months now about how it's a great seller's market and buyers are competing for prime properties. When inventory is very low and buyer demand is high, this can often lead sellers to think, "Great! I can ask any price for my house and someone will be willing to pay it!" Unfortunately for sellers, that is not the case. Buyers today have access to tons of data and understand the value of a home. They have a threshold for what they will tolerate in terms of pricing.
The homes that have sold so far in July had a median of only 6 days on the market. Because of this, it is very important to price a home right from the start. If a home listed at a very high asking price sits on the market for a few weeks, buyers are inclined to think that there is something wrong with the house because it's been unsold sitting for so long. They may still not consider the home even after the price is corrected because of that perception.
If you are thinking about taking advantage of this seller's market and want to know how to price your home correctly from the start, please reach out for a complimentary consultation with one of our expert Residential Specialist
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