Overpricing may deter potential buyers, resulting in a longer market presence for the home. Correct pricing eliminates appraisal issues. Pricing your home accurately from the moment it's listed is crucial. The initial listing is when it attracts the most attention and the goal is to generate demand where buyers pursue you, not vice versa.
Overpricing can repel buyers and extend the home's time on the market. Even if a contract is secured, a low appraisal may result in loan refusal by the lender. Accurate pricing draws more buyers, creating competition and urgency. Pricing at or slightly below market value can incite multiple offers, with the final sale price mirroring the market's true capacity.
Despite low inventory favoring sellers, buyer demand has lessened since last year, marking a slowdown from the hectic 2020-22 market. Currently, many buyers are on hold, anticipating a drop in interest rates as predicted. As the election approaches, buyer apprehension may increase, suggesting that earlier listings could be advantageous for sales within the year.
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By Diane Jones