Pricing a house correctly isn’t s easy as we make it look. We look at three comparable houses that are nearby the subject property and that ideally have sold in the last six months to a year. If the homeowners calls in February about putting a house on the market in May we need to adjust the price upward from the previous May.
We can usually predict that prices will be higher during the spring home sales season than they are during the holidays. The Spring of 2023 may be an exception because of the higher mortgage interest rates. We have to watch the market and see what kind of an impact those rates will have on home sale prices.
As long as the demand remains high and as long as people have jobs the impact will be low.
Lately, I have noticed that there are many in the industry who are using and reporting on July and August home sale data. Old data that is national has been a trend in the industry. It is best to use fresh local data for proper pricing.
