Zillow has reported an uptick in price reductions throughout the country. Compared to this time a year ago, over two-thirds of the country’s largest metropolitan areas have witnessed price slashes. June saw 14% of its listings undergo a price cut. While it may seem that these price reductions entail that the home’s value has depreciated, these reductions are concentrated in markets with expensive price points. Rest assured your home is still appreciating the same value it was prior to any price reduction.
So, what does this mean for you? If you’re selling a property, remain realistic and conservative about your selling price point. Many have listed their prices in the hopes that an eager buyer will pay any price to obtain the property, but that strategy may not hold as true in today’s market anymore. Your experience and knowledgeable real estate agent can assist you with pricing your property correctly. You can trust your agent is doing their research to ensure that they align the price with what the market is saying.
If you’re thinking of selling, contact your REALTOR® today and receive a no-obligation comprehensive market analysis to see what your current property is worth!