Price Your Home Right in Our Shifting Market
If you’ve been paying attention to housing market news, you’ve probably heard about decreasing sales, rising interest rates, and increasing inventory. Do these factors mean we’re heading for a housing market crash? According to the experts, the answer is no. Instead of crashing, our housing market is correcting.
I have been doing this for over 20 years, so I know the market, and I’m not worried. One factor is that Michigan is a seasonal selling state, so there are months when things will be slower. Still, you have to be careful about how you price your home. If you make the wrong move, your house could sit on the market for a long time.
"A rate lock ensures you won’t have to cancel a deal simply because interest rates spiked."
One strategy that works in a shifting market is to price your home slightly below market value on purpose. It seems odd, but this will guarantee that your home is the most attractive deal in your area. If everything goes according to plan, buyers will flock to your house, and the competition among them will naturally bring the price up to or above market value.
You can also price at or slightly above the market. I will do this more in the spring when there’s increasing competition. Everything will sell at a certain price to the right person, so there are advantages and disadvantages to each strategy.
Of course, you should always work with a real estate professional to look at comparable sales in your area. Professionals have access to market data that will make the process much easier, and they can tell you exactly what is working or not working for others.
The bottom line is that sellers can still achieve fantastic results in this market as long as they do their research and price their homes correctly. If you would like to discuss which strategy might be best for you, don’t hesitate to call or email me. I look forward to hearing from you!