How to correctly price your home for sale
The selling of property is one of the largest financial transactions a person can make. Having the best possible service during these complicated transactions will ensure the greatest possible financial returns.
With the current competitive market, correct pricing is vital and is the first step in ensuring that the property for sale is placed at its true value. The first aspect potential buyers consider in their home search is "price" - no matter how perfect the house, if the price is not market related, at most times it results in the loss of a potential buyer.
Presently, buyers across all price brackets are extremely savvy and research the market thoroughly prior to committing to a purchase decision, it is therefore it's imperative that a property is not marketed at an unrealistic price.
Overcapitalizing means that you have spent much more money on your home than you would be likely to recuperate if you place your home on the market. It is increasingly common to overcapitalise on a property. Many people do not realise their mistake until it is time to sell their property and they are unable to recoup all the finances they have invested into their property.
A common misconception among certain sellers, is that a property should be pegged at a considerably higher price than its market value to allow for any downward negotiation. An inflated price may result in multiple price reductions, which ultimately could result in the property remaining on the market for a considerably longer period. The longer a property remains on the market, the lower it sells for.
Do not always hire the estate agent who suggests the highest price. A competent real estate professional will be able to price correctly and will provide a full justification for their recommended listing price. The agent should present you with information from a Comparative Market Analysis (CMA).
Working with a trustworthy real estate professional will ensure that the home is sold for the best possible price within the shortest possible time.
A property professional will add substantial value to the transaction. Among other things, they will provide a valuation, property related advice and additional data required to ensure the property is correctly priced to sell.