There is not enough non-distressed residential property for sale in our particular market right now. There can be multiple offers and some sellers are getting more than their asking price. Sometimes houses are selling on the very first day offers are being taken. Sellers are smacking their lips thinking how much more they can get for their house. The age-old question is – does a seller’s market change how to correctly price the house to start off with?
The answer is no. Why? Because no matter the market involved, a house is only worth what a buyer considers a fair price that will be supported by an appraisal based on the recent sales comps in the area.
Selling their “home” is an emotional process for many sellers. Their home means family, memories, hard work and they have a biased view of it’s worth. Agents know this because surveys continue to show that the majority of sellers think their house is worth more than the selling price suggested by their Real Estate Agent.
But once you take the emotion out of the equation and you look with your Real Estate Agent at the comparables and how the features of your house compare to the houses that have sold recently, a fair sales price, regardless of the market, will start to materialize.
Price the house fairly based on the comparables as the starting point. From there the market will drive the price up through multiple offers if it is warranted. In any event you won’t be able to sell the house for more than it is going to appraise – that is how lending works these days.
Please feel free to reach out to me for more information, a chat about the market, or a free no obligation analysis of your home’s value. I can help you!