What Determines if Your House Sells or Sits? The Right Price!

If you checked out my other blog post, “DSM Housing Market Update – August 2023” I highlighted the trends from June and July of 2023. The supply of inventory is still low, the median days on the market around Des Moines is around 5-6days and the sale prices are higher. My buyers who are currently searching for homes are finding themselves competing in multiple offer situations.

This indicates a pretty strong seller’s market. However, buyers are still savvy and want to make a good investment. Therefore, pricing your home correctly to attract the right buyer is essential to the closing of your transaction.

You Need to Attract the RIGHT Potential Buyers.

The way to do this is by setting the correct price for your home when you first put it on the market. If you put your house on the market at an inflated price, you miss out on buyers who think the price is to high. This deters them from touring your home and recognizing its value. This is a bummer as often these buyers do not circle back if you have to do a price drop later on.

While pricing your home to high is often the biggest mistake I see sellers making, pricing the home to low can also make buyers pause. They may wonder if something if wrong with the house or assume the seller needs out of the house asap.

This is why it is so important to set the appropriate price for your home’s market debut. This is when it will get the most views and traffic from potential buyers, and you want to capitalize on that momentum.

Find the Target Price.

Consulting a real estate agent (preferably me!) helps you find the target price. You want to aim for the center of the target, not too high or low for the market value of your home.

A professional real estate agent will take into account multiple factors when helping you decide on this price:

· Size, condition, and features of your home

· Location of your home

· Comparable homes on the market

· Current market conditions

Pricing your home correctly makes all the difference on if it sells or if it sits on the market. I would love to help you sell your home quickly and for the best price!