Have you noticed that your house has been on the market for a while without any takers? It's actually quite rare, especially at this time. The thing is, there aren't as many homes for sale compared to a typical year. This means that buyers have fewer choices, making your house a sought-after gem in a market with limited options.

If you're finding that potential homebuyers are scarce and your house just isn't selling, there's likely a specific reason why. Let's chat about a possible issue that might be putting off buyers: the price you're asking for your home.

Wow, with mortgage rates on the rise, buyers are getting a bit cautious about the price. It's really putting a squeeze on their budgets.

““If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
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— Wall Street Journal (WSJ)

Why Setting the Right Price Matters

When you're looking to sell your house, of course you want to get the best bang for your buck. But, you've also got to keep it real and consider what the market's like these days. Bottom line is, your house will sell for what buyers are actually willing to pay at the moment.

You know, it's totally understandable that selling your house can be tough, especially when emotions are involved. I mean, you've probably created so many memories there, right? It's only natural to feel attached. And when emotions are running high, it can make it even harder to look at things objectively.

You know, it's really important to realize that if you set a higher price than expected for your house, it could turn off potential buyers and they might not even consider checking it out. And if no one's checking it out, how do you expect it to sell, right?

If you want to sell your house, you should do something to generate some buzz around your property. That's where a local real estate agent can make a difference. They'll analyze the data to determine if your house is too expensive for the local market. By taking into account the value of homes in your area, current market trends, buyer demand, and the condition of your house, they'll help you find the perfect price. This way, you can wrap up this chapter and move on to the next one.

Bottom Line

I know there aren't a lot of homes for sale at the moment, but the asking price of your home is still really important. If it's not selling, it might be because it's priced too high.