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Have you been thinking about putting your home up for sale? Do you want to make sure that your price enables a quick sale? If so, investing in a pre-listing market valuation appraisal is a good idea.
Pricing a home is a key — and often challenging — factor in your selling strategy. Even though you may work with a realtor who will help you price your home, it’s still wise to hire an appraiser for a second opinion, especially given the importance of pricing right from the get-go.
On the other hand, if you are looking to sell your house on your own, then getting a pre-listing market valuation appraisal is an absolute must.
Mistakes and Consequences of Mispricing a Home
If you price low, you might attract multiple buyers and sell your home quickly; however, you might also your house for less than it’s worth, leaving money on the table that could have gone toward your next big investment.
With the modern online searching tools available, prospective home buyers only tend to look at properties within their price range. Because of this, pricing too high might mean that buyers in your area won’t even look at your house.
Another downside? The longer your home stays on the market, the longer you have to carry the mortgage payments. Especially if you have already purchased a new home, continuing to pay the mortgage on your old house isn’t the best thing for your bank account.
What happens if your house just collects dust on the open market? Buyers often assume there is something wrong with properties that sit too long. While you can take the house off the market and then re-list it at a lower price, today’s online tools allow buyers to see that history.
