A shift in the real estate market will make pricing your Pittsburgh home correctly even more critical. If you have watched the news recently, you have most likely heard that the market is slowing down. With the possibility of a recession looming, everyone is being more cautious.
But, people will still need to buy and sell homes. The market isn’t bad; it is just a bit different from what we have experienced over the past two years. With an increasing inventory of available homes, sellers must be more intentional about the price they ask for their homes.
There have always been three areas that cause a home to sell: condition, price, and location.
That hasn’t changed even in a hot market. However, since you can’t do anything about the location, the condition and price are the two things a seller can control.
I have talked about the importance of preparing your home before listing it for sale. You can read this blog post for tips on getting your home ready.
If you have done what you can to ensure the condition of your home is appealing, then the last thing you need to consider is how to price your home.
Keep in mind as you determine your asking price whether the location or condition would be an issue for a potential buyer. If so, then your pricing will need to adjust accordingly.
Asking the right price from the beginning is crucial in successfully selling your Pittsburgh home.
Many sellers mistakenly believe they can come down on price when the buyer makes an offer. The flaw in this belief is that the right buyer may never see your home at your higher asking price based on their search criteria. Buyers will select a maximum price range that they are willing to spend. If your home is outside of that range, they most likely won’t choose your home to view.
Testing a higher price can backfire if you do not quickly adjust your price. In addition, the longer your Pittsburgh home sits on the market, a buyer begins to believe there is something wrong with the house. Therefore, they will not be interested in seeing it.
As a trusted real estate agent, I aim to price your home to get the maximum exposure possible. We want as many buyers as possible to show interest in your home. To determine the right price, I like to consider the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and the competing homes available for sale.
In the long run, pricing your listing correctly will result in more substantial offers and a quicker sale. We are still in a seller’s market, and you stand to benefit if you are realistic about the asking price of your home.
Mike Simonsen, the Founder and CEO of Altos Research stated in a recent HousingWire article:
“We can see that demand is still there for the homes that are priced properly.”
We are experiencing the same here in the Pittsburgh real estate market. Homes priced right are selling quickly. Work with a real estate professional to ensure you price your home based on current market conditions to maximize your sales potential and minimize hassle in a shifting market.
With 19 years as a full-time Realtor in the local Pittsburgh market, I have experienced many shifts in the market. I can help you navigate this current shift also. Contact me by phone at 412-848-3907 or email at Kim.Esposito1@pittsburghmoves.com to schedule a free consultation to discuss your real estate needs.