CHAPTER 21 This Big Mistake Cost e Cost One Home Seller $36,000
When it comes to selling your home, one of the most critical steps is pricing it correctly. The story of Chuck, a home seller who lost $36,000 because of poor pricing decisions, is a cautionary tale. Let’s explore what went wrong, how to avoid similar pitfalls, and strategies to ensure you sell your home for its true value.
Chuck's $36,000 Mistake
Chuck received an offer of $485,000 for his home from a buyer who was pre-approved for a loan. The deal seemed straightforward, allowing Chuck to avoid the usual hassles of the selling process. He accepted the offer without hesitation. A few weeks later, his neighbor sold a smaller, similar home for $521,000. Chuck realized he had undersold his property by $36,000 simply because he didn’t take the time to determine its actual market value. What went wrong? • Chuck failed to get a professional appraisal or second opinion. • He didn’t analyze comparable sales in his area. • He accepted an offer based solely on convenience rather than value. Avoid Pricing Mistakes
Incorrect pricing can lead to two major issues:
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