Dear Olivia,
We are thinking about selling our house, we have read a lot of things about pricing on the internet, and ultimately have found just about every theory you can imagine? Can you tell us more about pricing?
Of course! Proper Pricing is one of the most important things you can do when selling your home! You want to be sure you hit the target and if for any reason you miss it, don’t sit there and go stagnant!
The GOOD news for Sellers is the housing market is coming back nicely across the country, and even though we didn’t see the huge drops many places did, it is coming back here as well! However, if you don’t properly price your home you could easily slow this momentum down for yourself! Since our inventory isn’t super high and interest rates are increasing, we want to be very careful not to over judge what the market can bear.
Even though Trulia reports that prices have jumped 10.7% in the last year the interest rates are going to make a big effect on a Buyers Purchasing Power! See Exhibit A (Amanda the chart is above) None of the experts are expecting huge price jumps in the near future, but more of a gradual increase. The chart shows how the increasing interest rates can affect a Buyers purchasing power as rates continue to move forward.
National experts predict there will be less investor purchases and more first time home leading the purchases in the market. In our area we will likely continue to be a very appraisal dependent market and with all of these factors considered prices will likely continue to increase, but if you are thinking of waiting for you home value to go up or are hoping to make a killer profit, you should probably not be planning on selling to soon.
The most important thing to remember is that the Real Estate Market is local, If you are thinking about selling your home, don’t get carried away with current headlines about home price increases that have taken place over the last 12 months. Call your local real estate professional and find out what we to expect as we move forward in OUR market in the next 6 months!
Remember if you are a past or current client of Wind River Realty, we will happily complete a free updated evaluation on your home at your request!
Olivia