What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

Todd Patterson

Find Your Dream Home

Todd Patterson

Coldwell Banker

Why It’s Critical To Price Your House Right

March 07, 2022


When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today.

But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here’s why.

Pricing Your House Right Is Crucial Even in a Sellers’ Market

The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.

On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.

In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.

To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:

Why It’s Critical To Price Your House Right | Keeping Current Matters

Lean on a Professional’s Expertise To Price Your House Right

There are several factors that go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. A local real estate advisor is knowledgeable about:

  • The value of homes in your neighborhood
  • The current demand for houses in today’s market
  • The condition of your house and how it affects the value

A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.

Bottom Line

Even in a sellers’ market, pricing your house right is critical. Don’t rely on guesswork. Work with a trusted real estate advisor to make sure your house is perfectly priced.


Tags:

Featured Listings

listed
Luxury Ranch Style Home This single story ranch style home is located on over 33,500 square foot lot with asphalt frontage. There is a large covered entryway leading to the front doors. The home is very spacious.
$669,000
listed
3
beds
3
baths
3,010
Sq Ft
listed
Corinthian Subdivision JP Eliopulos Built. This single story home is located in a west Lancaster in a desirable area. The home has secure entryway. There is large ceramic tile flooring with vaulted ceilings. Open area floorplan.
$509,000
listed
3
beds
2
baths
2,274
Sq Ft
sold
KB Ironwood subdivision. Plan 3 This well located single story has upgrades. Four bedrooms and two bathrooms. From the entryway there is vinyl wood plank flooring leading into the great room with high ceilings, LED lighting and lots of window light.
$529,000
sold
4
beds
2
baths
1,886
Sq Ft
listed
This custom built two story pool home is located on a large lot in cul de sac street. Large open floor plan with a bedroom and bathroom down stairs. This well maintained home has been upgraded!
$699,000
listed
4
beds
3
baths
2,444
Sq Ft

Recent Posts