In the competitive “sellers’ market” over the past few years, you may have found it curious that some properties listed for sale had a price change, but instead of a discounted asking price, the asking price increased after the home made its debut on the market. A Welcome Home reader recently asked what would inspire a homeowner to increase the asking price and whether those scenarios continue to happen as the market evolved in 2024.Realtor Sara Venditto explains:

“Though not very common, a seller can increase their asking price after the property is on the market. The most common reasons are:

• If a seller makes significant improvements or repairs to the property while it is on the market and not yet under contract;

• Underestimating market demand; most likely the market would correct a low price through escalating multiple offers, but it is not unheard of for the seller/agent to discover soon after being on the market that the price was too low and therefore adjust the asking price;

• Or, it may be the result of typos. When the property is entered into the listing service a price could simply be entered incorrectly resulting in a price increase once corrected.

Advice to sellers: a price increase should be avoided if possible. Thoroughly prepare your home before it hits the market and work with your agent to finalize your asking price based on solid market data and comparable properties.”

Have a question for a local Realtor? Ask it here: welcomehome@theday.com

Sara Venditto

William Pitt Sotheby’s International Realty

Mobile: (860) 608-5742

Office: (860) 434-2400

svenditto@williampitt.com