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The Importance of Correctly Pricing Your House

Thursday, April 14, 2022   /   by Margie Wright

The Importance of Correctly Pricing Your House

When you sell your house, of course one of the main goals is to get as much money as you can from it to go towards your next home. You want to sell it for the highest price possible, and in today's market, that number is likely higher than you think. With the high demand for houses and the subsequent low inventory available, homes are selling for asking price or more with some sellers even having to look at bidding wars occurring. Despite all this, though, pricing your house right is critical to getting it sold. Pricing it too high or too low could have a negative impact on your final sale. 

The price you set for your house sends a message to all potential buyers. Pricing it too low can send the message that there might be something wrong with the house. Even if the conditions are fine and things are better than they used to be when you first got the house, that initial price point can make it seem too good to be true. Plus, you could end up leaving money on the table which means less money for you to put towards buying things.

But if you price the house too high, buyers could be turned away because it's too far outside of their budget. If it's been on the market for a while, you may have to do a price drop to get interest back into it. A price drop can be a potential red flag, though. It can cause buyers to wonder why the price was reduced and what that means about the house's condition. In this seller's market, buyers will certainly wonder why a house has been sitting on the market for a while since homes are selling so quickly.

Your goal when pricing your house is to aim for that center target. Not too high, not too low, but right at market value. Your house needs to be priced fairly based on market conditions. Doing this increases the chances that you'll have buyers who are interested in purchasing it. That also means you're likely to see a bidding war which can mean that you end up with an even higher final sale price. It'll also tend to sell quicker when priced just right. It's a win-win situation for all to make sure it's priced correctly.

Lean on a real estate agent to get that perfect price for your house. There are several factors that determine the price, and an agent will be able to determine the value based on these factors. The value of homes in your neighborhood, current demand for houses, condition of your house, and similar homes in style and size near you will all impact the final price. That's why it's important to get a professional's help. We will balance these factors to make sure that the price of your house both fits the current market while also making the greatest return on your investment in the end.

  homes, homeowners, tips, home sellers, sellers, offers, first time seller

Hurst Real Estate and Auction - Margie Wright Property Marketing Group
Margie Wright
221 East Main Street, Suite 103
Morristown, TN 37814
423-312-9220
423-353-1112

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