Across the nation, real estate markets are now witnessing a strong seller's market. This might be a perfect chance for prospective sellers to get the highest possible price for their house. While it may be tempting to put the listing price as high as possible, this may not be the wisest course of action. Need help listing your property.
Consider the following three pricing tactics before establishing your asking price.
1. Listing at Market Value
"Realistic sellers" are liked by buyers. After evaluating market data in your region, listing at the current market value might attract the appropriate buyer and result in a good offer or two. This usually leads to a full-price offer with uncomplicated conditions.
2. Listing High
It's natural to want to list ahead of the market, much more so in a seller's market. This is a dangerous tactic that may result in you wasting crucial time waiting on a market with little interest. Even in a strong seller's market, buyers will avoid overpriced listings. Experts recommend a premium of no more than 5-7 percent if listing over market value.
3. Listing Low
Listing your property at a discount from its market value can get attention. The objective of this method is to incite a bidding war, resulting in a selling price that is higher than the market value. This strategy works best for turnkey properties and may backfire if the property is undesirable and you get few or no bids and are forced to change the price.
Opportunities exist in a seller's market. Discuss the alternatives and trends in your local market with your agent to get the best offer and conditions.