When selling your property, the asking price is an important aspect to achieving a successful sale. This is why it’s essential to get a correct appraisal of your property from an experienced real estate agent.
An experienced real estate agent can provide you with an honest assessment of what your property is worth, based on multiple factors:
- Current Market conditions
- The Condition of your property
- Repairs or improvements that are required
- Comparative recent sales
- Time frame for selling
In real estate terms; “market value” is the price at which a particular property, in its current condition, will sell for within a realistic timeframe.
If the price of a property is too high, several things could happen:
- Limited buyer numbers. Potential buyers may not view your property because it would be out of their buying budget.
- Limited Inspections. Most potential buyers will determine whether they will look at a property based on the advertised price. If it’s priced too high, buyers may be hesitate to even inspect the property.
- Negative leverage. Other sellers may use your home as leverage in order to sell their properties at a more realistic price.
- Take longer to sell. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what is wrong,” or “why has this home not sold?”
- Lower price. An overpriced property that sits on the market for a long time, generally leads to a lower sale price. Sellers may have to reduce the price, often multiple times. Properties like this will achieve a lower sale price than if it had been correctly priced in the beginning.
- Wasted time and energy. You could experience a great deal of extra work and stress if your property is on the market for a lengthy period of time.
A key part of selling your property is having an accurate pricing strategy. Most potential buyers will determine whether they will look at a property based on the advertised price.
This means in order to maximise buyer interest; your property’s pricing strategy needs to strike a fine balance between an ambitious price and a price that relates to local comparable sales.
We find properties that have been priced correctly from the beginning of their sales campaign achieve a quicker sale and a higher sale price!
Are you thinking of selling?
We’re here to help. Book an accurate appraisal of your property today!