Dangers of Over or Underpricing Your Home

When selling, pricing your home accurately and accordingly based off of your home’s value is crucial in not only a successful sale, but also a timely and profitable sale. For some, the idea of pricing their home under value seems appealing as it could cause a feeding frenzy of sorts, however just as there are dangers with overpricing your home, there are also dangers with underpricing your home.

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Dangers of Underpricing Your Home

Contrary to what some homeowners believe, when selling your home, underpricing your home is far from a smart strategy as it could cause a laundry list of issues, a few of the most common being:

Dangers of Over or Underpricing Your HomeOverpricing your Home

It’s no secret we are in a seller’s market, and thus, many sellers feel as if they can over price their home and try to profit as much as possible due to supply and demand, however, much like underpricing your home, overpricing your home also brings its own challenges. A few common being:

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Market Value

Whether overpricing or underpricing your home, trying to get an accurate market value of your home is crucial in your home selling quickly, efficiently, and successfully which ultimately, is the main reason you want to ensure to price your home accurately the first time. There are many different variables that go into finding your home’s market value, whether from a full competitive market analysis, to pulling and comparing comps in your area, make sure to hire an agent who is knowledgeable of your specific market area, as often list prices vary, even for comparable homes based on their location.  

If you’re currently searching for a new home are ready to sell your home or if you have any further questions regarding Carolina Real Estate, please feel free to contact our office at any time.

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