Did you know that you have a much better chance of selling your property quickly if you price it to meet the market in the first weeks of the market campaign?
This strategy is much more successful than pricing it on the highest price and hoping that someone might pay that ‘premium’ price. You should always be careful of an unscrupulous agent promising you an unrealistic price. They may want your sole mandate so they might be telling you what you want to hear.
By overpricing your property you could lose the crucial stage of attracting your genuine buyer in your initial market exposure, you will also help to convince buyers that other fairly priced properties are a better buy, and most importantly you will end up showing the property to the wrong group of buyers.
If your property is worth $1.5m but you decided to put it up at $1.8m, you are now trying to compete against fairly priced properties that are worth close to $1.9m. How can a $1.5m property compare itself against a $1.9mproperty? This is an unfair comparison and naturally your property will not be looked at because it has been shown to the wrong group of buyers- buyers expecting to buy a $1.9m property.
You want to capture the right buyers and interest them in your property, otherwise you may have missed out on a sale.
The three major factors that will determine how your property should be priced are, from the property’s condition, the current real estate market and economy, recent transactions in the area and current properties available for sale.
With a general market slowdown in progress, it is even more important to make sure that you price right from the start. Your benefits are more rewarding and less costly. You’ll have your property sold faster, because it’s exposed to more qualified buyers, your home won’t lose it’s ‘marketability,” you will achieve higher offers because it’s closer to the market value, your property will generate competing offers because it’s well priced and all agents working on your property will be enthusiastic about presenting your home to buyers, because of being priced right.
Don’t miss out on potential buyers due to overpricing your home. It is too easy to get emotionally involved in the sale of your home. Having a skilled and experienced agent to guide you through a thorough market analysis will help you look at your property realistically and get it priced right from the start!
JOHN SDREGAS
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