You may feel like you’ve heard it all before. If a property is priced too low, buyers may think there’s a problem with the property and be scared away; if it’s priced too high, it will price it’s way out of contention. As a home owner we understand how tricky the pricing situation can be – you want to get the best price possible for yourself, but you also don’t want to make your home unattractive to buyers by striving for a price that’s too high. So how do you find that magic number?
The first four weeks of a listing campaign are crucial! This is when you’ll receive the most enquiry and attract the most number of inspections. We know a lot of residents ask for a few opinions from various real estate agents when putting their home on the market, and often we see people selecting to list with whichever agent tells them their home will get the highest price. This is extremely risky! Property pricing certainly isn’t brain surgery, but it is somewhat of a science. While it’s impossible for a real estate agent to tell you exactly what price your home will achieve (unless they’re planning to buy it themselves), knowing what comparable properties have recently sold, and what is for sale now that would form you home’s competition on the market, will allow them to create a sound pricing strategy for your property.
Beware the agent who plucks a price from the air. If you’re thinking of selling your home, by all means educate yourself and ask for opinions. But make sure when it comes to listing your home you use an agent who deals in facts and results, rather than one who solely tells you what you want to hear. Price your home to be competitive, and enjoy the bidding war you create.