Pricing a home in today’s market

The spring 2023 Capital Region housing market has been hot! Homes are hitting the market, attracting lots of attention, and going under contract quickly. It must be easy to price a home now, right? Actually, it is harder than ever and requires intimate knowledge of who is looking to buy a home right now as well as understanding what they value.

When a home is accurately priced, it increases the likelihood that multiple parties will bid over list price. Conversely if a home is listed above what buyers feel it is worth, they may still look at it but they will be hesitant to make an offer if they don’t think it’s a good value over the list price. Not generating multiple offers in this market is a missed opportunity for sellers and can result in a lower sale price.

Sure, the home will very likely still sell; the number of buyers looking to purchase exceeds the inventory of available homes, but without the frenzy of multiple interested parties, the likelihood of a great offer, above asking is greatly reduced.

Bottom line, in today’s market there is a much greater risk of overpricing than underpricing a home.

Pricing strategy varies depending on the market conditions so it’s imperative to stay up to date on what is happening at all times. What we are recommending is different than what we recommended two years ago and what we recommend next spring might very well change. At McSharry and Associates we are constantly watching market trends so that we can best advise our clients.

Curious about what your home is worth? Give us a call.