Raw cards
Raw prices usually reflect ungraded cards in marketplace condition buckets such as NM, LP, MP, HP, or damaged. They are more liquid for playable cards and set completion.
Graded cards
Graded prices depend on grading company, numeric grade, label, certification trust, and population scarcity. A large premium only makes sense if buyers actually pay it.
Grading risk
Before grading, compare raw value, expected grade, fees, shipping risk, wait time, and likely resale liquidity. The highest theoretical grade is not the expected outcome.