Why The Asking Price You Set On Your Home Can Make Or Break The Deal

One of the main decisions you must make when listing your home for sale is the asking price you put on the listing. The asking price is one of the most important details of selling a house, and it can make or break the deal. Here are several reasons why this detail is absolutely vital when selling a home.

Buyers won't even look if the price is too high

When people look for a home to buy, they will often compare a lot of different homes in an area before they begin scheduling viewings. As they do this, they will be comparing the prices of these homes as well as the features each offers. If your home seems to be priced too high for what it offers and in comparison to similar homes, buyers won't even look at your home. This could cause you to lose out on viewings and a potential sale of your home.

You could lose money if the price is too low

Setting an asking price that is too low is always a bad idea. For one, it could cause you to lose out on money you could have made. If a house sells within a few days of its listing, it is often because the home was priced too low. Pricing a home too low could also cause buyers to wonder if the home has problems, and this could also turn off buyers.

Your home might not show up in filtered searches as much as it could

The asking price you set is also important when it comes to people being able to find it when they perform filtered searches. This is one of the reasons agents will recommend setting prices such as $169,900 instead of $170,000. If a person is looking for a house under $170,000, he or she will not find yours listed in an online search if you put $170,000 as the asking price.

Buyers will not be able to get loans if price is too high

The other important thing to know is that a buyer may have trouble getting a loan for your house if the price is too high. Loans are based on appraisal values, and if the appraisal of your home comes in lower than the amount the person is paying for it, the lender might not be willing to issue a loan.

These are all important things for you to know as you determine a price to ask for your house. If you would like to sell your home and are ready to list it, contact an experienced real estate agent in your city.