It is possible that a home priced too low could eventually aid a seller to start a bidding war, so that the price is driven above what the sellers wanted to make in the first place. However, conditions must be ripe for this to work. Well-laid and professional plans are also crucial to this maneuver’s success. On the other hand, when a home is priced far below market value, potential buyers might think there is some hidden, ominous fault with the property, even if there isn’t. That kind of mentality can leave a home hung out to dry, which wastes our valuable time. The longer a property stays on the market, the less money you are likely to make.
DANGER ZONE #2: PRICING ABOVE VALUE
Pricing too high obviously leaves your home sitting stagnant while your neighbors’ homes are snatched off the market. Why would anyone purchase your home if a very similar home nearby is priced thousands of dollars lower? Common sense says that your home is not going anywhere anytime soon in this case. You’re playing the waiting game, while your peak selling time is slowly dwindling away. These dangers are why getting an accurate price on your home from the get-go is imperative to your selling for top dollar. There are several ways you can discover this magical number, but it isn’t necessarily a simple or cost-free endeavor. Avoid the most common mistake novice home sellers make. They don’t check comparable sales and just put the home on the market. It sounds too simple to be true, but it happens all the time.
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