Pricing is Key

We have been hearing about the lack of inventory and the hot market – we feel this could be a great time to get a premium price for our home. Are we right? 

Inventory is low, that is a fact.  We are back to bidding wars. Data indicates that Pittsburgh prices increased 12.7% in 2021 and another 5.5% in 2022.  High interest rates have not caused a downturn in this spring market.  The millennials are buying in droves and there is no end in sight.  So yes, now is a great time to sell.

However, not every home is selling fast and at a high price.  There are plenty of homes sitting on the market, with gradual price reductions.  Why?  Longer time on the market is often the result of an improper alignment of price and condition. In other words, I like to tell my sellers I can sell any home, but not at any price.  The price of the home must be carefully calibrated to features and condition.  This is where an expert agent comes in.  Agents who tour all of the inventory can help you to understand the subtle differences between homes and what it takes to generate premium prices.  Not every client is willing or able to invest the resources to generate a premium price and that’s ok – price just needs to be adjusted accordingly.

So what does it take to achieve a premium price?  In my opinion it starts with a pre-inspection and repair of some of the most concerning items.  A spruce-up might be necessary – repainting wear and tear or strong colors, replacing dated lighting fixures… A deep clean is generally a must, and this goes way beyond what your weekly housekeeper can do. Staging is also a must if your house is vacant, and even if its not, a home stager or home organizer can help you get everything in good order.

Pricing, however is the ultimate key to success.  It seems many sellers want to push the market right now and if you aren’t careful, you may end up with less than you would have had you priced properly out of the gate.  It’s important to get the advice of an expert in your market area and then follow that advice, regardless of what you think or need.  If you have to reduce later, you will have lost market momentum and that cannot be regained.  Review a well-reasoned market report and then price according to the data, not according to your emotions, and you will likely have a positive result you can take to the bank!