How to determine the right selling price
Narrowing down the right time to sell can often feel like a challenging decision, after all... there are important factors to consider.
The tone of the market can determine whether you stand to gain a hefty profit based on your timing, as well as how much demand there is for properties such as yours. Luckily for you, one of the ways in which you can eliminate much of the stress is by liaising directly with a trusted agent who will be able to guide you through the process.
The tone of the market can determine whether you stand to gain a hefty profit based on your timing, as well as how much demand there is for properties such as yours. Luckily for you, one of the ways in which you can eliminate much of the stress is by liaising directly with a trusted agent who will be able to guide you through the process.
Mike Greeff, CEO of Greeff Christie's International Real Estate says keeping a trusted agent in your corner is always a safe bet. "Agents are in tune with the market and also are wise to the ways and means of ensuring you price your home correctly. Agents always have their ear to the ground and are in the know about the latest ways in which one can price their home effectively. Keeping an eye on the trends, following the sound advice of an agent and knowing when to put your property on the market could be the key factors of a successful sale."
Apart from following the advice of your agent, be sure to also keep these other useful tips in mind.
Consider the price of other properties in your area that are similar to yours
A sure-fire way to gauge what properties are currently selling for, is to look at the sale prices of other properties that are in your area and similar to yours. Keeping in mind the way the market is currently, be aware that in some cases, revised pricing downwards has had to take place. Looking at the prices of other properties will definitely be a strong indicator of what the market finds palatable.
Consider the current state of the market
The momentum and pace of the property market in the Cape has changed considerably in recent years, with buyers being in more of the driver's seat in terms of demand and what they expect at a certain price point. Take into careful consideration the fact that it is a buyer's market and that they have a host of options available to them. Think about how your property stands out from the rest and factor that into your pricing.
Ask your agent to look at a comparative market analysis for the area you are selling in
A comparative market analysis offers you a comprehensive look at how properties in your area, with the same amount of accommodation and within close proximity to yours have sold. This alone should be an extremely useful indicator of the price range you should be looking to position your home in.
Consider the location and condition of your property
You are intimately familiar with your property and know the nuances of your home better than anyone. As such, think about the condition of your property - also considering any renovations or extensions you may have had done to the home over the time period that you have lived there. In addition, remember the location of your property also plays a crucial role.
If you live in a sought-after area, you may expect to get a higher return on investment on your home, even if the property is not in its peak shape or condition. The same cannot be said if a home happens to not be in a less sought-after area. However, with renovations done to your property, you could be looking at significant yields as buyers compare your property to other properties in the area that may not have had as much work done to it.
Determining the right selling price and speeding up the sales process can be achieved more easily by adopting a logical, systematic approach that takes statistics into account and heeding the sound advice of your trusted agent.
30 Sep 2019
Author Greeff
