May 2023: Pricing Strategies in a Strange Spring Market

3 min readMay 16, 2023

Here’s the Story:

This is not your typical spring market. With mortgage rates double what they were a few years ago, would-be sellers are holding onto their homes until conditions improve. At the same time, would-be buyers are tightening their purse strings, keeping offers low to allow for larger interest payments. Inventory is tight, demand is low, and sales volume has dropped drastically. Have prices dropped, though? If you’ve decided to sell, it’s time to talk pricing strategy.

Down to the Nitty-gritty:

The first step in deciding how to price your home is to figure out not only your ideal price, but how to get it. Start with a comp analysis of similar homes in your area — a good real estate broker who has local expertise in selling homes like yours can help with this (hint, hint!). Comparing your home to recently sold properties with similar stats will give you an idea of what the market thinks you’re worth. It might also give you ideas for upgrades you can use to improve your home’s value (extra half-bath anyone?). Once you’ve determined a price, you can list your property at, above or below that number. And while it’s tempting to ask for your dream price outright, shooting too high might result in your home sitting on the market and will eventually lead to price cuts if you’re pressured to sell. Research shows that listing a property just below perceived market value leads to quicker sales above ask.

What’s the Takeaway?

When deciding on a pricing strategy, think about your priorities. Why are you moving, and how quickly does this sale have to happen? Your pricing decisions will be different if you’re time pressured to move for a job versus testing out the market to cash out on your nest egg. It all depends. But whatever your plans are, once you’ve decided to sell, listen to the market. The first two weeks are the busiest in the life of a listing. If you’re not getting the foot traffic — and offers — you were hoping for by that point, it’s probably time to recalibrate.

The Gabriele Moment

At the Formula 1 race, movement is never an issue! This Porsche girl had the adrenaline rush of a lifetime attending the race in person down in Miami earlier this month. The record-breaking speed of the cars whizzing by, the blaring sounds of the engines, the smell of burning rubber — what a thrill! Some people go to Miami for the beaches, but for me, it will always be the cars! I love being where the action is, and I can’t wait to go back.

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