Why (and How) to Price a Home Right!

Why It’s Important to Price Your House Right Today

Even in today’s sellers’ market, setting the right price for your house is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, notes:

“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”

Why It’s Important to Price Your House Right Today | MyKCM

How to Price Your House

When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.

Why It’s Important to Price Your House Right Today | MyKCM

Right now, even when there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning.It’s important to make sure your house is priced correctly by working with a trusted real estate professional throughout the process. When you price it competitively from the start, you won’t be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.

The key is to make sure your house is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.

Bottom Line

Let’s connect to price your house correctly from the start so you can maximize your exposure and your return.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence – Cape Cod … and the Communities in between.

Whose market is it anyway?

Ah, the age old question in real estate from clients… is it a buyers’ market?  sellers’ market?   Economists define the state of our local real estate markets based on the amount of housing inventory available.   Inventory determines sellers or buyers market

In general, when there is less than a 6 month supply of housing inventory, we refer to that as a Sellers’ Market where home prices will tend to be increased.   When there is a 6-7 month supply of housing inventory,  this is a Neutral Market.  In a neutral market, home prices will follow the trend of inflation and not see significant price increases or decreases.  When there is more than a 7 month supply of inventory, this is referred to as a Buyer’s Market.  In a Buyer’s market, home prices will be decreased over time.

A key fact to remember … the type of market you fall into can vary based on your specific price point, your specific town, and even the specific area of town in which the property is located. 

So what does this mean when pricing your home or submitting an offer on a home to purchase?  These definitions merely provide a general guage of market activity.   It means you still must evaluate the active listing competition on the current market,  recent properties that have gone under agreeement, recent Sold property prices, AND how much selling or buying that specific property means to you.   Sometimes you only get one chance to make the sale or purchase a specific property.

Manorahan closing pictureThere is absolutely a business side to all real estate transactions, for investors, this is the critical piece to a transactions in purchasing and reselling properties.  For most consumers, though, buying and selling a Home also has a unique personal aspect.  Getting hung up on economic theory is not a reason to miss out on purchasing a new home or being able to sell to make a move that may be perfect for you and your personal situation.

Curious where your current property fits into the housing market?  Or are you looking for a property to finally call Home?  I’d love to help you gather the information needed to help you make the right real estate decisions for you… just give a call 508-930-5259, e-mail jen.mcmorran@gmail.com, or fill out the contact form below.

Always a pleasure to be of any assistance to you or anyone you know who is thinking about buying or selling a home. I love to work hard for my clients and your referrals throughout Massachusetts and Rhode Island.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Assocate
Kensington Real Estate Brokerage

real estate for real people.

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Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.