In a seller’s market, many underestimate the significance of pricing their home for the current market. 

Home prices on Long Island have risen this year and are likely to continue going up in 2021, according to NAR’s U.S. Economic Outlook. Knowing this, sellers are eager to get top dollar for their property and have different thoughts on how to make the most profit. 

Some think: If I price my house lower than market value, it will start a bidding war that will drive the price up. 

Others believe: With all the buyers searching for homes, I can price over market value, and someone will make an offer. 

Even with homes moving as fast as they are today, it’s essential to price your home right. Keep reading to learn why. 

Not Too High, Not Too Low

Why does pricing right matter so much?

Buyers who are actively searching use list price as a guide. For those who price over market value, the property can sit longer on the market, even in a fast-paced market. When the price drops, buyers may get the wrong message about the home. 

Those who list their home under market value can also deter buyers, but for different reasons.  When active buyers see a home priced under market value, they wonder (and look for) what is wrong with the property.

When this list price matches the current market value, your home’s visibility increases for the buyers you want to target. 

How to Ensure You Price for the Current Market

When your home is priced to sell, more buyers will see it. To make sure you price competitively, work with a trusted real estate professional. Your agent will walk through the home, gather information on updates and repairs, show you comps (comparable homes that recently sold in your area), and review a range that reflects what your home is likely to sell for in the current market. 

Are you interested in learning the current value of your home? Contact us today!