When selling your home, it’s important to understand that the market can be unpredictable, and a softening market can result in disappointing prices and fewer offers. In order to successfully sell your home in a declining market, pricing becomes critical.
The first step is to acknowledge that the market has changed. In an uncertain market, buyers will not overpay for a home. While in the past it may have made sense to set an aggressive price and “test the market,” attempting that strategy now could result in a slower market when the home ultimately sells.
It’s important to remember a few home value truths when considering pricing. What you paid for your home, your asking price, and what it might have sold for in the past do not determine its value. The value of your home is based on what a qualified buyer in today’s market is willing to pay for it, in comparison to other homes on the market.
Regardless of whether the market is accelerating or declining, your pricing strategy should remain the same: price your home ahead of the market. In a softening market, this means pricing your home slightly below the most recent comparable sale.
By taking the time to understand the current market and pricing your home accordingly, you increase your chances of success in selling your home, even in a softening market.
How Much Is Your Port-Elizabeth Area Home Really Worth?
Fill out the short form below to get a FREE 100% Accurate Home Value Report for your Port-Elizabeth area house with up-to-date nearby “sold” data and our recommendation on the trend of home values in your neighborhood.
How Much Is Your Port-Elizabeth Area Home Really Worth?
Fill out the short form below to get a FREE 100% Accurate Home Value Report for your Port-Elizabeth area house with up to date nearby "sold" data and our recommendation on the trend of home values in your neighborhood.https://www.portelizabethpropertysales.co.za/go/home-value/
