House pricing strategies for 2023

House pricing strategies for 2023 are shifting due to changing market conditions. Here are some key points to consider when pricing your home:

• Utilize Recent Comparable Sales: When determining your home's price, focus on using the most recent comparable sales available. The real estate market can fluctuate rapidly, and relying on outdated data may result in an inaccurate valuation.

• Account for Upgrades: In 2023, it's essential to recognize that a home with extensive upgrades may not necessarily command a higher price than a similar-sized property with fewer improvements. The market dynamics have changed, so adjust your pricing strategy accordingly.

• Appraisal Expectations: In the current seller's market, it is less common to receive appraisal waivers. Buyers may opt to provide appraisal gap coverage to win in a competitive bidding situation. Be prepared for a more traditional appraisal process.

• Contingencies and Inspection Negotiations: While seller leverage is increasing, contingencies are still on the rise in 2023. Buyers may request more inspections and negotiate repair requests. Be prepared to address inspection items or negotiate accordingly.

• Realistic Assessment of Home's Condition: Be honest about your home's condition. If it requires significant repairs or improvements, acknowledge them. In a changing market, buyers are becoming more cautious and may not be as willing to pay a premium for a fixer-upper.

• Limited Over-Asking Offers: In 2023, the practice of buyers offering significantly more than the asking price may decline. Be prepared for offers closer to or at the asking price, and be open to negotiating to find a fair deal for both parties.

• Choose the Right Agent: Select an agent with in-depth knowledge and expertise in the local market. They should understand the specific factors that add value to properties in your area and have a successful track record in selling homes similar to yours.

By considering these points and adapting your pricing strategy to the 2023 market conditions, you can position your home competitively and increase the chances of a successful sale.