Sellers still remember the time not long ago when pricing was more lenient in catching a buyer's attention. We are no longer in that kind of market.
Homes are sitting longer before finding a buyer and asking prices have plateaued for nearly three years not with the only fluctuation being caused by the seasons. Historically, we have seen asking prices on a steady rise, but now sellers must adapt to the new trends if they want to stay competitive.
For a variety of factors, buyers are more price sensitive within this market. A quote from Keeping Current Matters states, "Homeowners who expect to bring in more than their neighbors did last year may be setting themselves up for a longer, more frustrating experience." Buyers have more options these days and can be more selective when finding a home.
If you don't know whether or not you have your home priced too high, you can be aware of four signs:
1. If you aren't getting many showings
2. If you haven't gotten any offers (or only lowball offers)
3. Buyers that do come for a showing leave overly negative feedback
4. Your house sits on the market longer than average for your area
If you're struggling with your sale, talk to your agent about pricing strategy so you can put yourself in an advantageous position. Even small adjustments can be enough to win over a buyer.