Has your home been lingering on the market without finding a buyer? Well, that’s a bit unusual, especially right now. That’s because the supply of homes up for sale is still lower than what’s considered normal for this time of year. This scarcity means that potential buyers have fewer choices than usual, making your home a valuable commodity in this limited inventory scenario.
So, if there’s a lack of options for homebuyers, and your property is still unsold, there’s likely a specific reason. Let’s address one potential obstacle that could be deterring buyers: your listed price.
Given the current higher mortgage rates, which are already impacting buyers’ budgets, there’s a heightened sensitivity to pricing. According to a recent article in the Wall Street Journal (WSJ), buyers are more cautious about the cost, making it crucial to reassess your asking price.
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
The Importance of Getting the Right Price
While aiming to maximize your returns on selling your house, it’s crucial to stay grounded in the current market conditions. The plain truth is that your house will only sell for what people are willing to pay at this particular moment.
Coming to terms with this reality can be challenging, especially considering the emotional attachment one may have to a home lived in for many years. Emotions often run high during the selling process, making it difficult to maintain objectivity.
However, it’s vital to recognize that an inflated price tag can discourage potential buyers, causing them to overlook your house as a viable option without even taking a closer look. If nobody is showing interest, how can you expect the property to sell?
To reignite interest in your home, taking proactive steps is necessary. This is where a local real estate agent (like us) plays a crucial role. We use data to determine if your home is priced appropriately for the local market. By considering factors such as the value of homes in your neighbourhood, ongoing market trends, buyer demand, and the condition of your house, a real estate agent helps find the right price for your house. This way, you can bring closure to this chapter and embark on the next stage of your journey.
Bottom Line
Despite the limited number of homes on the market currently, the asking price of your home remains a crucial factor. If your home isn’t selling, the possibility exists that it might be priced too high.
