21/02/2023
When going to market as a seller the price of your property plays an important role in how your home is perceived in the market. The ultimate goal for every seller is to receive the highest price possible in the shortest amount of time.
In order to reach this goal, one needs to ensure that their property is neither priced over nor under the market value.
Over-pricing your property will lead to your home spending a lot of time on the market and buyers losing interest. Under-pricing results in low offers, with little to no room for price negotiations, and creates an impression that something might be wrong with either the property or the area.
Here are 5 aspects to consider when pricing your property correctly to put on the market.
1) Area comparison
Look at other properties for sale in your neighbourhood, preferably ones with similar features to your own. Your estate agent can assist you with a more in-depth analysis, but this will give you a good background of the movement happening in the market.
2) Comparative Market Analysis
A Comparative Market Analysis (CMA) is an in-depth analysis that your agent will undertake to identify current sales trends in your area that will assist them in determining the correct market value of your home.
3) Over-capitalizing
Always ensure you have consistently maintained the condition of your property and repaired and replaced items where needed. Renovating and revamping your home is always a good idea, however, be careful with the type of investment you make, as the goal is to see a return as opposed to a loss.
4) Waiting around for a better offer
If you receive an offer that is exactly or close to your asking price, be sure to accept it. The odds of someone overpaying for your property are very small, and if your property stays on the market for too long it is less likely to get additional or better offers.
5) Re-evaluate the asking price
If your property has been on the market for some time and you have not received any offers, or only received offers below your asking price, your property may be priced incorrectly. It would then be best to sit down with your agent and re-evaluate.
For assistance with pricing your home and any other property-related needs, Let’s Talk.
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https://www.tysonprop.co.za/list-your-property/