The current housing market is booming and buyers are flooding the market. Bidding wars are happening throughout the country and it has definitely proven to be a seller’s market. Even though there are bidding wars, pricing your home right is still very important.
The National Association of Realtors (NAR) ‘US Economic Outlook’ reported that existing home prices are predicted to go up by 4.7% nationwide in 2020 and 4.1% in 2021. Home prices will stay on the rise into the new year.
“Looking at the sheer number of buyers, low mortgage rates, and limited sellers, the strength of home prices–which are now growing at the highest pace since January 2018–makes sense,” says Danielle Hale, Chief Economist at realtor.com.
Bidding wars can raise prices but in order to get the buyers interested in your home, the price must be right. The right price will increase visibility and will steer buyers your way therefore demand will be maximized. If you price your home too high to begin with you have a greater chance of losing many buyer’s interests. An overpriced home will run the risk of sitting on the market.
No better person can help with the price of a home than a real estate professional. A Realtor will price a home competitively and increase a buyer’s interest. A home should be priced to sell and in today’s market will more than likely create a bidding war. If you are in the market to sell your current home, take the time to contact a local Realtor who knows your area.
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