Overpricing your home-you might be missing buyers?
The Real Estate market, in the lower mainland and fraser valley, has been so busy in recent times. Home buyers are becoming accustomed to bidding wars and multiple offers. This often resulting in the price being driven up over the asking price. Tired of heartbreak? Many buyers are skipping out on listings priced at the top of their budget for fear if a bidding war ensues they won’t be able to compete.
It seems counter-intuitive for many home sellers to set their price at the minimum level they would be willing to accept. But being bold with a very sharp price might be what it takes to make sure buyers are taking your posting seriously. Buyers have become so sensitive to prices that have been rapidly rising for many years. Buyers don’t even want to look at what they feel they can’t afford. This is a radical change from how buyers were shopping 5 years ago!
In the past buyers would expect to negotiate the price down of the property they were interested in purchasing. Therefore would end up searching up higher than they would consider paying. On the other hand sellers would typically set their price accordingly higher than they would expect to settle for.
Real Estate market trends change frequently. It’s important to work with an agent that understands the current market and can support you through your transaction. Don’t hesitate to contact us, we are here to help!