Today’s housing market is beginning to shift away from the intensity that it experienced during the pandemic. Interest rates for mortgages have increased from their record lows and more properties are coming to the market. However, buyer demand is still high and we’re still in a seller’s market at the moment. But that doesn’t mean that as a seller you can price your Honolulu home sky high when you list. In fact, it’s more important than ever to price your home correctly from the start. Here’s why.
The current market has shifted
While buyers are still in the market for new homes, the numbers have cooled somewhat since interest rates have increased. The supply of homes for sale has also risen since the early days of the pandemic when homes were scarce. This creates a different set of conditions for the market, and both buyers and sellers should be prepared to navigate these differences.
Pricing too high can scare off buyers
While many Honolulu homes have been the subject of bidding wars in recent days, you shouldn’t assume the same will be true for your home. While many sellers often see multiple offers on their homes, you shouldn’t take that as an invitation to price your home too high. If you list your home at a price that is more than comparable homes in your neighborhood, then buyers will see that as a red flag. This can cause your home to sit idly on the market with no offers and could lead to a situation where you have to lower your asking price. Some buyers may conclude that this is because there are issues with your home. You can avoid all these problems by pricing your home appropriately from the beginning.
Pricing too low can mean leaving money on the table
On the other hand, pricing your Honolulu home too low can also cause its own problems. You may receive several offers and be able to close quickly, but you’re potentially losing out on thousands or even tens of thousands of dollars. Pricing your home appropriately means seeing the maximum amount of profit.
How to determine the right price for your home
There are several things that influence the value of your home including its size, amenities, and the value of comparable homes in your neighborhood. Since the market is always changing, it can be tough to nail down your Goldilocks price on your own. That’s why Keller Williams Honolulu is here to help. Our team has expert knowledge of Honolulu real estate and can help you find just the right price for your home. Are you curious what the value of your Honolulu home might be? Then visit our website at https://kwhonolulu.com/home-valuation/ to receive a personalized home valuation report. The process takes less than a minute, has no strings attached, and is provided to you at no cost.
Contact Keller Williams Honolulu today!
Are you ready to sell your Honolulu home for just the right price? Then contact Keller Williams Honolulu at 808-596-2888 or [email protected]. We’re always available to answer your questions and to help you through every step of the selling process. Contact us today!