If you are considering selling your home you may be wondering how to settle on an asking price for your property.
Pricing your property realistically at a market related price is one of the most important factors for a successful sale. Buyers 'shop for a home' by comparing your home to other properties on the market - both in terms of price, position and what the property has to offer. Starting with a realistic asking price creates a demand and allows you to maintain your negotiating advantage. It is important to remember that price is the main negotiating factor for your buyer and that the first impression makes all the difference.
The pitfalls of over-valuation are that unrealistic pricing results in over-exposure and prospective buyers are quickly lost. If you receive little or no interest in your property there is a good chance that your price is too high, with the danger being that your property may become 'stale'. This wastes valuable marketing time, creates much stress and ultimately if the sale becomes urgent you may end up accepting an offer at a much lower price.
If you are deciding whether to sell privately or use an estate agent you should always beware of an unscrupulous agent promising you an unrealistic price. They may want your sole mandate and could also be using your home to help them sell another property.
Your first offer is often your best offer. Be careful not to assume your property is under-priced. In many cases early offers are turned down and sellers eventually end up selling for less.
PRICE IT RIGHT!
If you decide to sell your home privately you can use our online 'Price it right' tool to establish a comparative market valuation.
SPI (Sold Price Index) Reports are comprehensive, reliable reports that show what properties have been sold in a particular area, street or complex within a specified time frame. You will be able to establish what the sale prices were, who the owners are and whether the properties are bonded.
By using this and other information in the report, you can determine the current market value of similar properties in a specific area. This will ensure that you settle on a market related price for the property you wish to sell, or if you are buying, that you pay the right price.