Are you setting the right selling price for your property?
Category General News
Buyers today have plenty of options and a wealth of information available at their fingertips. Having a sound pricing strategy in place ensures your home has the best chance for a successful sale. When priced right and marketed correctly, there's no reason you can't get top rand for your home. And, you can do it within a reasonable time frame. Kellaprince Properties discusses the importance of pricing your home attractively and how to do so effectively.
The importance of a realistic selling price
As a seller, it can be tempting to price high for a great profit, price high to leave room for negotiation, or price high to test the market. Sadly, these strategies can backfire! You could wind up selling your home for far less than expected - if at all. Pricing right from the start gives you these six benefits:
1. You will attract buyers like a magnet: They do their research by comparing listings and finding properties that offer good value for their money. By pricing your home competitively based on past sales and present prices, you can provide them with the figure that catches their eye. After all, they want a good deal as much as you want a good price. Buyers will also shop for properties within their price range; a good price will ensure your property is picked up in the ranges they set on listing websites. Even if you drop your price and be shown for these ranges, you may have missed out on opportunities to appeal to these potential buyers.
2. You will have a faster sale: The first two weeks are crucial for your property sale. If your pricing doesn't resonate, you can wind up having a home sitting on the market for a considerable period. This "staleness" can be a thorn in your side as buyers may wonder if your home has potential defects. Price well on your first time listing and you won't have to drop prices to pick up more interest.
3. You could start a bidding war: When your property is listed, buyers will compare it to other properties. If they find it competitively priced, you will have multiple offers for your home. In some cases, you could even get a higher price as buyers increase their offers to secure your property.
4. You will enjoy an effortless seller experience: Getting your sale done quickly with realistic pricing can remove the stress of the process. Allowing potential buyers to enter your home can be tedious and present a security risk.
5. You will get the best from your property practitioner: Your property practitioner is an area expert. They know what the correct selling price for your home should be. If you opt to ignore their advice, it will be challenging for them to market your property. They may also have to deal with chancers who will try to take advantage of your home's extended time on the market. Pricing right will ensure they are empowered to do their jobs well and get you a good price within your timeframe.
Setting a realistic selling price
When pricing your property, it can be easy to fall into a "needs" and "goals" trap. You might set a price based on how much you need to pay for your next home and to recoup improvements made on your property. Avoid this! The marketplace sets the price and sellers will only pay what they are willing to. Getting a Comprehensive Market Analysis done will help in this respect. It covers the following factors that impact your property's sale:
- Recent property sales in your area
- Current prices of other properties on the market:
- Your property details
- The location of your property
- The current property market
A property professional who has a keen understanding of the local real estate market will be well positioned to accurately price your property.
List with Kellaprince Properties
Pricing your home correctly is the foundation of all successful sales. Kellaprince Properties takes pride in creating pricing strategies that are accurate and in keeping with market conditions. As a trusted name in the industry, we are the go-to property sales experts in Nelspruit (Mbombela) and surrounding areas. List your property with us today.
Author: Kellaprince Properties