The Pitfalls of Pricing Too High or Too Low

Colorado Springs Real Estate Podcast with Donny Coram

When you sell your house, pricing too high or too low can be costly. You need to be aware of timely market trends when you assign a price to your house if you want to maximize your sale.

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As a real estate professional, I'm often asked what the pitfalls of pricing your home too high or too low are.

Pricing your house is not an exact science. To determine the value of a home, you need to really know what's going on in the marketplace at that time. If the market is on an upward tear, you want to price your home just above what you expect to get for it. This allows you to adapt to the current market conditions and avoid leaving any money on the table. On the other hand, if the market is heading downward, you want to price your home just below what you expect to get.

Market data will tell us what the trend of the neighborhood is.

To determine these values, we look at comparable home sales in your neighborhood. What did your neighbor's house sell for? What have homes in your neighborhood with similar square footage sold for in the last six to 12 months?

Analyzing this data will tell us what the trend of the market is, which allows us to price your home within that data. As a former registered appraiser, my job is to find the right value for your home and price it within the market constraints. Pricing too high will lead to your home sitting on the market for a long time and receiving multiple lowball offers and not getting the most money possible. Pricing too low may leave money on the table.

If you're thinking about selling your home, I'd love to sit down and talk with you about maximizing your sale based on today's market conditions in Colorado Springs. Give me a call or send me an email and let's keep this conversation going.