{"id":5909,"date":"2024-07-09T05:30:00","date_gmt":"2024-07-09T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/why-your-asking-price-matters-even-more-right-now\/"},"modified":"2024-07-09T05:30:00","modified_gmt":"2024-07-09T10:30:00","slug":"why-your-asking-price-matters-even-more-right-now","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/why-your-asking-price-matters-even-more-right-now\/","title":{"rendered":"Why Your Asking Price Matters Even More Right Now"},"content":{"rendered":"

\"Why<\/p>\n

If you\u2019re thinking about selling your house, here\u2019s something you really need to know. Even though it\u2019s still a seller\u2019s market<\/a> today, you can\u2019t pick just any price for your listing.<\/p>\n

While home prices<\/a> are still appreciating in most areas<\/a>, they\u2019re climbing at a slower pace<\/a> because higher mortgage rates are putting a squeeze on buyer demand<\/a>. At the same time, the supply of homes for sale<\/a> is growing. That means buyers have more options and your house<\/a> may not stand out as much, if it\u2019s not priced right.<\/p>\n

Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years. <\/strong><\/p>\n

And some sellers are finding that out the hard way. That\u2019s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research,<\/em> explains<\/a>:<\/p>\n

\u201cLooking at the price reductions data set . . . It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates. . . <\/em>As home sellers are faced with less demand than they expected, more of them have to reduce their prices.\u201d<\/em><\/strong><\/p><\/blockquote>\n

That\u2019s because they haven\u2019t adjusted their expectations to today\u2019s market. Maybe they\u2019re not working with an agent<\/a>, so they don\u2019t know what\u2019s happening around them. Or they\u2019re not using an agent who prioritizes being a local market expert<\/a>. Either way, they aren\u2019t basing their pricing decision<\/a> on the latest data available \u2013 and that\u2019s a miss.<\/p>\n

If you want to avoid making a pricing mistake that could turn away buyers and delay your sale, you need to work with an agent who really<\/strong> knows your local market. If you lean on the right agent<\/a>, they\u2019ll help you avoid making mistakes like:<\/p>\n