Selling or buying some property is a daunting task that can exhaust you physically as well as mentally. The most significant factor to consider when selling your property is pricing the property correctly. It is like choosing the correct price tag. Prices are different in different areas. Pricing your property for sale is art and science. Here come some of the important features that need to be taken care –
- Study of past sales – A very successful and thoughtful strategy of pricing is to study the past sales. It will not only give you idea about the prices in various similar areas but will also prove valuable in understanding the market value.
- Compare present and past sales – It is wise to compare the present and past sales, but it is more important not to confuse the active sales with past listings. Be aware about your competitor’s pricing.
- Check for withdrawn listings – Look for the reasons why those properties did not sell and what are the common features they share. Take care of the reasons that can prevent your property from counting in a withdrawn and expired list.
- Know your competitors – Always bear in mind what sellers want. To know what buyers want, tour those properties which are in competition with you. Note the things which you liked and disliked. After making the inspection, ask yourself why some buyer will prefer your property than those. Then price your property accordingly.
- Negotiate – No seller wants to be underpaid and no buyer wants to be overpaid. Set a price that looks realistic and of what your property is worth. Adjusting s unrealistic price will let buyers to pass over your property. Negotiate to get the best value.
- Get advice from professionals – If you are not able to adjust the pricing for your property, you may also take advice from the professionals. You may also get an appraisal from a certified and experienced appraiser.
- Think decisively and react rapidly – When you get a good price for your property, don’t wait to get better price for it. And if market does not favor you, don’t hesitate to adjust the price of your property.
Studies have shown that the first few days or weeks on the market are vital to your success. During the initial days, your property will be exposed to the most active buyers. If you price your property too high, you are most likely to lose buyers. As markets are dynamic in nature, so every deal comes with an expiry date. Adjust the price of your property in such a way that it stands out of others-in a positive way!