If you’ve listed your house on the market and are getting a lot of interest in your property, you might be wondering if you’ve left money on the table by setting your listing price too low. Once your home is already listed, can you increase the asking price? In this blog, we’ll tell you what you need to know if you’re considering raising the asking price of your house.

Prices Naturally Rise

While you can raise the asking price of your home once it is already on the market, it may not be necessary to do so. In many areas, the demand for homes is so high that many sellers are receiving multiple offers that can go into a bidding war. If the inventory in your area is low, you’re even more likely to see this happen. Our experts say that is not a great idea to raise the price of your house solely because there is interest in similar properties. However, if there is strong interest in your particular house, you can consider raising the asking price. 

The Market Dictates Prices

Depending on the housing market’s stability in your neighborhood and the property’s age, size, and condition, you may be able to raise the initial asking price if the house is not under any contractual agreement. Working in tandem with your real estate agent, you should be able to research the local housing market in your area before you raise the asking price on your property.

Property Value

Your home’s value greatly influences whether or not you should increase the asking price of your listing. While buyers often end up paying more than the asking price in a competitive real estate market, buyers will typically not pay more than a property is actually worth. Buyers using traditional financing will usually not be approved to pay more than the home’s appraised value. Before you adjust your price, you should have a valuation of your property to understand what you can reasonably ask. 

The Downside of Raising the Price

If you feel your home has been undervalued, it is understandable that you’d want to consider raising the listing price to ensure you get what you should out of your home. However, raising the price too high can limit your potential reach in the market. Even a ten thousand dollar price increase can push your property out of search parameters. Homes listed at too high of a price can also exclude buyers who will be using special financing. Raising your listing price may not be the best idea unless you are lucky enough to receive a cash offer. 

Use an Experienced Agent

When you are ready to put your home on the market, using an experienced real estate agent can ease the stress of the process. Rather than worrying about raising your asking price after your home has been listed, you will have expert advice on pricing your home correctly from the start. Sellers who partner with agents receive the highest offers on their property and a greater return on investment. 

Call 202-516-7857

Our team takes pride in pricing homes at the correct value to get our sellers the most amount of money. We use pricing strategies that have been developed with our client’s best interest in mind. We also offer guarantees that will give you peace of mind, such as our 100% of Asking Price Guarantee. We will sell your home for 100% of your asking price, or we will pay you the difference*. As we like to say, “Our price is your promise.” If you are thinking about making a move and selling your home, there is no one better to help you than our team. Sarah & Debbie Reynolds – Reynolds EmpowerHome Team will show you how to sell your home quickly and for top dollar. Call us now at 202-516-7857.