Pricing a listing is more than slapping a dollar amount to the property that the sellers want to see in the final transaction. There are a lot of details that go into pricing a home to successfully sell the property in a timely manner for the most value. The location, neighborhood, comparable home values, market trends, and inventory all account to what the property should be valued at. This is where using an agent with experience and knowledge is very important. They will be able to take all the above information and estimate a fair price to keep your listing from expiring and sell your house fast.
Having your property set at too high of a price can hurt the chances of selling your home tremendously. While many people think that they should ask the highest price because they know it will be negotiated down, this can make you lose more money. While waiting for a buyer to come along, you are still paying the monthly mortgage and when it comes time to reduce the price after months of no leads, your home has now been on the market long enough that even with a price reduction, it still may be priced too high because the market is changing. Now you are desperate to sell after your listing has expired, maybe even more than once, and need to take a lower offer than you ever intended, just to get it sold, all while still paying the mortgage. Whereas, if you had marketed your property at a lower price, your house could have sold quickly and would have saved the money spent on mortgage payments and come out with more than you had to accept to get it sold.
Pricing a property on the low end could help you receive the highest dollar amount for your house. When a listing goes live at a lower amount that can lead to many offers, which can lead to a bidding war with prices being offered above the asking price. This can be a great way to sell your property quickly and avoid having your listing expire. Expired listings are not great for either agent or seller, so do your homework and connect with a great agent to get your home sold quickly and for the most money!
Weintraub, E. (2016, August 22). Https://www.thebalance.com/the-worst-home-selling-mistake-1798971.