Here’s why we recommend underpricing your home slightly when selling.
As of July 2020, both new listings and closed sales are down in the Triangle area. However, median and average prices are up.
Closed sales are down about 11.8% in Chapel Hill and median prices are up 5.7%. The average days on market has gone up to about 42. In Durham, new listings are down 8.3%, and median prices are up about 5.6%. The average time on market for homes here is just 22 days.
“Underpricing brings attention and competition.”
What’s the best strategy for pricing your house in today’s hot seller’s market? With such low inventory in our area, there isn’t a lot for buyers to choose from. Even though we’re in a seller’s market, pushing your price way up can work against you. If buyers think a house is overpriced, they will often walk away.
They’d rather bid on a home with a fairer price. That’s why we need to underprice your home slightly, knowing that the buyers will come out and start a bidding war. We’ve been seeing houses sell for $30,000 to $40,000 above the list price in some cases. That’s the best advice I can give you today.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.