One of the MOST Common Myths When Selling Your Home
|
“Price it high so you have room to negotiate” is one of the most common myths when it comes to selling your home. This strategy became common not because it worked, but because it was simply a byproduct of the housing market in 2008-2014. |
As you can see, during this time, we averaged about 2.7 million homes for sale at any given period. This was considered a “Buyers Market” which meant that there were more homes for sale than there were buyers looking to buy.
In other words, there was too much supply and not enough demand. This meant that homes would sit on the market for a long time and when a buyer finally came around, that buyer had much more leverage than the seller.
This resulted in the buyer offering much less than what the seller was asking which resulted in homes selling for less than market value.
Today, it’s the exact opposite. We only have about 800k homes for sale compared to 2.7 million.
We have a housing inventory shortage in this country that has a produced a “Sellers Market”
Too much demand and not enough supply which is why home values have skyrocketed.
On average, homes today that are priced at “Market Value” from day one, (Not pricing high), will usually sell right away for their asking price. In fact, many sellers end up getting more for their home than they thought as a result of the current sellers market.
