The 'Tough Talk' Home Sellers Need Regarding Pricing and Value
Per Brown Harris Stevens CEO Bess Freedman, today's home sellers need to set aside emotions—and some expectations—in order to accurately assess their properties' value.
"In 2021, when COVID-19 caused an exodus from urban centers and mortgage interest rates dropped to the range of 2% to 3%, home prices shot up in response to overwhelming demand and access to cheap loans. Today, as the Fed continues to fight inflation, mortgage rates are in the 6% range, and that means higher monthly payments for buyers. However, prices aren’t coming down enough to offset these challenges in many areas of the country ... Sellers need to accept the fact that their home likely won’t fetch the same price their neighbors commanded in 2021, because the market conditions simply aren’t there to support it." -- Brown Harris Stevens CEO Bess Freedman
In a recent U.S. News and World Report article penned by Freedman, the CEO provided several tips to sellers, highlighting the importance of research, hiring experienced appraisers and real estate agents, and responding to market conditions. "By doing your research, remaining flexible, and heeding professional advice, you can navigate the home selling process and come out with a successful sale," she wrote.