If Your House Hasn’t Sold Yet, It May Be Overpriced
Is your home lingering on the market without attracting buyers? This is quite unusual, especially considering the current real estate landscape. Presently, the supply of available homes for sale remains significantly lower than the typical annual average. Consequently, potential buyers are faced with limited options, making your property a valuable commodity in a scarce inventory environment.
If your home hasn’t sold despite the reduced options for buyers, there might be a specific reason behind it. Let’s explore a potential obstacle that could be discouraging buyers: your asking price. Given the current scenario with higher mortgage rates placing strain on buyers’ budgets, there is an increased sensitivity to pricing. Adjusting your asking price might be a crucial step in attracting potential buyers in today’s market. As a recent article from the Wall Street Journal (WSJ) says:
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Why Setting the Right Price Matters
While it’s true there aren’t that many homes available for sale right now, your home’s asking price still matters. And, if it’s not selling, it may be priced too high. Let’s connect to discuss your options.
