Make Sure It’s Priced Right!
There’s no denying, Rochester and the Finger Lakes regions are in a seller’s market. With low inventory and high buyer demand, homes are selling above the asking price and in record time. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR) and the Greater Rochester Realtor’s Association (GRAR):
- Homes typically sell within 17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to the GRAR, existing home prices increased by an average of 14.4% in the first quarter of 2021.
Yet even in today’s red-hot seller’s market, it’s important to price your house right. We understand that it is tempting to price your house on the high side to capitalize on this trend, doing so could limit your home’s potential.
Why Pricing Your House Right Matters
Here’s the thing – a high initial asking price doesn’t mean you’re automatically guaranteed to cash in big on the sale. While you may be trying to maximize your return, your tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a listing price that’s fair. As real estate professionals, we know the value of your home. By pricing your house based on its current condition and by comparing it to similar homes that have recently sold in your area, we can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.
When your house is priced right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
When it comes to pricing your house, working with a local real estate professional, like the Courtney Dudek Homes team is essential. We constantly monitor area home list prices, keep track of their sale prices, and know how to strike a balance between a fair asking price and a quick, profitable sale. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.