ESTABLISHING YOUR ASKING PRICE
Category Market Trends
To price your property correctly is the most crucial element in making a successful sale.
Most homes lose market value if they linger on the market, there is no time for trial and error.
The greatest amount of buyer activity occurs during the first three weeks. Then it begins to taper. If you start too high and reduce your price later, you have lost your best opportunities and will have to settle for a smaller pool of potential buyers. We often see this happening, where sellers start to market their property way above the market value and after 3 – 4 months reduce the price to market value and eventually accept offers way below market value.
People who put their property on the market simply to “test the waters”, tend to over-price. This discourages serious buyers from the property. Should the owner, at a later stage, becomes serious about selling, the initial overpricing will then impact negatively on the marketing process.
To establish a fair market value for your home, we look at recent sales, in your area, of homes similar to yours. It is vital to look at the actual selling price here and not the advertised price of the homes similar to yours. From there we will take into consideration other factors that may affect the value of your home, such as the location, condition and extras your property offers.
Although we experience a very slow market at the moment, properties that is priced correctly should sell within 4 – 12 weeks.
We hope you find above informative.
Author: Shaun Champion
