Post by Daniel Maurer
When listing your house, even in a hot market, pricing accurately will almost always result in a higher/faster sale price. Many people think that "testing the market" is always a good idea. In reality, data shows that pricing correctly almost always leads to higher sale prices. Even in a hot market, a correctly priced home will usually generate multiple offers and sell for over the asking price. This is often more than you would sell for after a price reduction and a wasted month on the market. You need to avoid the stigma of an unsold house!
Accurate pricing is crucial for a home sale for several reasons:
Attracting potential buyers: Accurately pricing a home helps attract potential buyers who are searching for homes in a specific price range. If the home is overpriced, buyers looking for homes in a lower price range may never see the listing, while those looking for homes in a higher price range may be deterred by the inflated price.
Maximizing the sale price: Accurately pricing a home can help sellers maximize the sale price. If a home is priced too low, the seller may miss out on potential profits. Conversely, if the home is priced too high, it may sit on the market for an extended period, and the seller may be forced to lower the price, leading to a lower sale price in the end.
Avoiding appraisal issues: Accurate pricing can also help avoid issues with the appraisal. Appraisers consider recent sales of comparable properties when determining the value of a home. If the home is priced too high, it may not appraise for the sale price, leading to complications in the sale.
Reducing time on the market: Accurate pricing can also reduce the time the home spends on the market. Homes that are priced accurately tend to sell faster than those that are overpriced, reducing the time and expense of carrying the property on the market.
Overall, accurately pricing a home is essential for a successful and profitable sale. It requires thorough research of the local real estate market and an understanding of the home's value based on its location, condition, and amenities.
If you're thinking about moving, please contact me so we can discuss your home's actual value!
If you are looking for some advice on a real estate transaction, my door is always open