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Towards the end of last year, the Connecticut housing market slowed down, mainly in response to inflation and higher mortgage rates and in turn that had an direct impact on home prices. If you’re thinking of selling your house this year, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:
“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced correctly are still selling in this real estate market.
Why Pricing Your House Appropriately Matters
In our current real estate market, your asking price sends a message to potential buyers. Seller beware!
If it’s priced too low, you may risk leaving money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.
To avoid either headache, price it right from the start. A real estate professional understands how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and whole lot more to find the correct right price. This helps lead to stronger offers and more often than not, a greater likelihood your house will sell quickly.
The visual below helps summarize the impact your asking price can have:
Bottom Line
Homes in Connecticut that are priced at correct market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, let’s connect today.
