Selling Your House? Real Estate Expert Andrew Shader Says Your Asking Price Matters More Now Than Ever
The past two years have seen dramatic increases in home appreciation rates. This has meant that home sellers were able to sell their homes for considerably more than even just a few years ago.
The market is starting to stabilize, with more moderate home value increases. Since home appreciation rates are slowing, Andrew Shader shares why your home sale price matters.
The Housing Market Is Changing
The past few years brought about a pandemic that changed almost every industry, and the real estate market was no exception. During the pandemic, many people put their plans to sell their homes on hold. This resulted in a significant drop in the inventory of available houses on the market.
Fewer homes meant that more buyers were competing with one another. Bidding wars drove home prices up quickly and sharply. The market is starting to even out now due to the onset of inflation, higher interest rates, and concerns about an impending recession.
As a seller, this situation has inhibited your ability to list your home with a sky-high asking price. You can no longer expect to sell quickly with a sharp price increase, as you might have expected to in 2020 and 2021. If you want to sell your home, you’ll have to adjust your tactics and market price.
Your Initial Asking Price Matters
If you ask too much for your home, you might think that it’s a simple matter to drop your price to a more acceptable number. Unfortunately, an asking price that’s too high will chase potential buyers away, and you’ll find that it takes longer to sell your home.
A drop in the asking price will make buyers wary of the property. They might think there’s something wrong with the house, or they will assume you’re still asking more than the property’s actual market value. In any case, dropping your home’s price will lead to uncertainty among buyers.
Sellers can avoid this situation by consulting a real estate advisor. The advisor will establish an appropriate price range by looking at the value of homes in your neighborhood, buyer demand in your community, and current market trends. When you list your home at a price more acceptable to buyers, you’ll be able to sell faster.
Home Prices Are Still Rising
These changes in the market won’t mean that you can’t earn a profit with the sale of your home. On the contrary, prices are still rising — even if they’re doing so at a more moderate rate. If you price your home accurately in your local market, you’ll sell for a good price, and you’ll find serious buyers sooner.
Insights and More from Andrew Shader
Andrew Shader has made a career out of recognizing the potential of real estate in a growing market. Rather than relying on market increases, Andrew looks for properties with the potential for increased value. On average, he earns a 60% profit through this method of real estate investing. After years of developing and practicing this system, he shares his insights with others.
