Hampton Roads Real Estate Ramblings

Hello Hampton Roads, Home prices may still be on the rise, but inventory is increasing even faster, and we're seeing more price-reduced listings on the MLS. So, what does this mean for you? It signals a market shift, prompting many buyers to ask, "How can you tell if a home is overpriced?" Whether you're a buyer or a seller, understanding this can be incredibly beneficial. Setting the right price is crucial to attracting buyers and closing the deal quickly. Overpricing can cause your home to sit on the market for too long, while underpricing can mean missing out on potential profits. Striking the right balance is essential. Here are some detailed indicators and tips to help you determine if your home is priced realistically or if it needs adjustment. Comparable Sales: The Neighborhood Benchmark First take a look at the sales activity in your neighborhood and pay attention to active, pending and closed sales over the past 6 months giving more weight to closed sales.