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Why Listing Your House at the Perfect Price is More Important Than You Think

If you’re preparing to sell your house soon, it’s crucial to understand the importance of pricing. Listing your home too high or even too low can both cause serious problems during your sale.

Unfortunately, many sellers make the mistake of putting their house on the market at the price they want instead of the price it’s worth, so The Degnan Group is here to help. Here are the main reasons why listing your house at the perfect price is more important than you think.

The Pitfalls of Pricing Your House Too High

The most obvious consequence of pricing your home too high is the financial hit. Your home won’t sell and can sit on the market for months or more.

If real estate prices are going down, your house can lose thousands in value during the time you wait to sell. Also, if your house has been on the market for months potential buyers may wonder why, and begin to speculate that something is wrong with it. Or, they may try to offer you a much lower bid than it’s worth (and in desperation, you may accept). Finally, if you’ve already moved into a new home, paying two mortgages is going to seriously strain your budget.

Another problem is the mental and emotional issues caused by the inability to sell your home. The meetings, the worry, the budgeting, and the open houses during the sale process are tough to manage for even a week or two. When the process stretches across months, it can wear anyone’s patience thin.

The Pitfalls of Pricing Your House Too Low

Pricing too low is not as risky as pricing your house too high, but it can still cause problems.

A popular sale strategy includes pricing a home just a bit under market value, which gets it more offers and drives the sale to market price or above at the end.

However, the real issues start if your price too low under market value. When that’s the case, people may rightly assume you’re hoping for a large bidding war, and some buyers just aren’t interested in joining one.

Or, they may wonder what’s wrong with the house to require such low pricing. An unstable foundation? A leaking roof? Buyers who want a move-in ready home will probably avoid making an offer on a home priced too low because they don’t want to waste time touring a home that has expensive problems to fix.

If you price too low, it can scare away bidders for these two reasons. Then, without the bidding war you were expecting, it will sell for under market value and you’ll lose money.

Get the Perfect Price for Your Home

Why try to navigate the waters of pricing your home when the experts can do it for you?

The Degnan Group has over 150 years of combined real estate experience and they’re here to help you manage your sale from start to finish.

Hire an agent from The Degnan Group today and get customized pricing advice to avoid these common pitfalls and make selling your home a breeze!

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