One of the critical things you need to get right when putting your home or investment property on the market is setting the right selling price. Set it too low and you could miss out on extra profits; set it too high and you might scare off potential buyers and lose a sale.
Of course, you’re not expected to be an expert and that’s where the expertise and knowledge of your agent will come into play.
To explore this further, let’s take a look at 3 tips that will help you gage the right selling price for your home:
1. Selling Points
Considering selling but have no idea what your home is worth? First, make a list of all the selling points your property may have.
These may include:
- Is the property close to public transport?
- What is the property size?
- Is the property close to shopping centres/entertainment venues?
- How many rooms does the property have?
- Is the property close to schools?
- Is the property in good condition?
Once you have listed the major selling points, consider any gaps that can be filled. Could a fresh coat of paint or new flooring add value to your property?
2. Know the Market
Jump onto Google and search for recent sales in your area. Focus on houses that are similar to yours in size, age and location. Speak to your neighbours to get an understanding of what they think their home is worth.
Read up on market trends – if indicators are pointing to a slow market, what can you do to improve your sale price and make your property stand out?
3. Be prepared to negotiate the selling price
You may have an estimated value in your head, but without having your property professionally valued, you may be underselling yourself.
Once you have established a fair market value for your property, a common approach to pricing is to add a margin to allow for the inevitable negotiations that occur with potential buyers.
So now that you have an idea of what your property is worth, what’s next?
Even if you are not yet ready to sell, it’s important that you have a trusted and professional real estate agent on your side, as you never know when you may decide to sell.
Thinking about selling your home? Click here to find out what value a real estate agent could add to your sale.