IS THIS YOUR WINDOW OF OPPORTUNITY?
If you have made the decision to sell your home, and are making preparations to do so … when it comes to pricing, I always tell my clients that … the price you choose to list isn’t just a number, it’s a strategy. And in today’s market, that strategy needs to be right on, right from the get-go.
The number of homes for sale is climbing, and depending on your local market that will vary. Having said that, buyers will have more choices and can be more selective on the home they choose to make their offer on. If your price doesn’t line up with what else is out there, they will literally just scroll right past it and go on to the next one. This is the beginning of the shift, right? But not so fast, at least not being seen in our local market. Not yet anyway …
If you didn’t get a chance to read the “First Half 2025 Market Watch”, now would be a good time to do so. If you don’t have the time right now, no problem. The link is there for you to “click” when you have some time to read on. I’ve copied an excerpt from the report I thought worth highlighting, bring top of mind, if you will. This comes directly from our very own Chairman and Chief Executive Officer, Paul Bruenich.
“Sellers are currently facing a window of opportunity, and since we don t know for certain how long the window will stay open, we encourage those still considering whether to list to take advantage of the moment and dive into the market.
Readers may notice that some of the trends we are sharing don’t fully correlate with the national headlines related to real estate. The Wall Street Journal reported in June that as of April there were nearly half a million more listings on the market nationally than there were active buyers, a shift that could lead to erosion in sales and prices. However, our markets are behaving very differently, and we are bullish that they will continue to do so for the foreseeable future.” Read on
If you are considering taking this window of opportunity to sell your home and move on to your next chapter … the key to being successful in this market, or any market for that matter – is pricing it right – and of course, hiring the right real estate professional that will ensure you have all the information you need in making those decisions.
The Risk Of Overpricing Your Home
I’d like to preface this … some sellers are finding out the hard way, as they list their home based on how the market was a year or two ago – or based on their neighbor’s home sale, which in their particular circumstance and/or home offerings, may not have been equal.
Some sellers will say … “Can we just try at this price?” In some rare instances it “could” be an option – but we would need to have the conversations of the “what if’s” scenarios and change course, if, or when necessary. Otherwise, the following will be some of the decisions some sellers will need to make, should they choose to list their home at a price higher than what the market may bear …
Lowering the price: This might help get more buyer eyes on the house again, but it will also come at a bigger cost then if the seller were to have priced it at that price from the beginning, Lowering the price gives the perception/raises the question if you will, as to what’s wrong with the home. And that in and of itself will impact any offers they may receive after the price reduction.
Take the home off the market: Some sellers may give up on the idea of selling right now. Unfortunately, the outcome of this means they are putting their future plans on hold, forgoing the exact reason why they put their home on the market to begin with. That dream of more space, downsizing, or relocating to be closer to family – whatever the driving force was, is now put on hold.
Renting your home: Becoming a landlord can be an option, but it is certainly not for everyone. Some things to ponder on, especially since not in your original plan. Things like managing tenants, navigating leases, responsibilities of being a landlord, just to name a few. Does it make sense from a cost perspective, weighing in on sale vs. renting. There are many moving parts to becoming a landlord if you have never done it before. In short … had the home been positioned correctly the first day on the market, it surely would have netted a different result.
Where You Live Makes a Difference
While the number of price cuts is up nationally, data shows some parts of the country are seeing far more of them than others. It all comes down to how much inventory has grown in that area – (see map below):
SOURCE: Realtor.com
As Realtor.com explains:
“Regionally, price reductions in June were significantly more common in the South and West (23% of listings) than they were in the Northeast (13% of listings), reflecting the inventory divergence across these regions.”
That means pricing isn’t the same for all. What’s happening nationally may not necessarily reflect what’s happening in your local area. That’s why listening to the “national” news is not a good price gauge for your “local” market.
I council my sellers always … stating that a well-priced home is more likely to sell at, but more often over the list price, and will sell quickly. To sell a home quickly and for maximum dollar – price and terms … requires strategy. Having a clear-eyed view of your home in relation to the competition, and knowledge of your local market is key.
If you are even thinking that you may be ready to step inside this window of opportunity, to discuss the possibility of placing your home on the market … please feel free to contact me, so we can schedule a meeting to discuss your real estate goals, and how I can help you achieve them.
I am here and always happy to help!
HIGHLIGHTING OUR LOCAL BUSINESSES
If you are in need of a roof replacement – Aiello Roofing is the one to call. Family-owned business, top notch customer service, whose reputation is known as one of the best in the industry throughout our community. Chris Aiello – Owner/Operator alongside his dad Kenny Aiello – I cannot speak highly enough about them … truly the best! Chris can be reached at 203-241-9300.
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Laura
The Key To Your Real Estate Success
Helping buyers and seller achieve their real estate goals