According to statistics, 50% of sellers of apartments and houses set up too high prices. Every property owner, whether professional investor or a regular buyer of the second home on the beach, when selling a property wants to obtain the maximum profit. However, in reality high priced harm to the seller.
It's not profitable to raise prices artificially
Excessively high price is an obstacle to a successful transaction. The most "interesting" buyers appear within the first 30 days after issuing an apartment or house for sale. This is the best time for signing the contract, so in this period it is essential to establish an adequate value.
After 30 days, typically the interest in the object diminishes. So, raising prices at the initial stage, you will lose time and opportunities.
Let's look at the main factors that must be considered when determining the price.
1. The general situation on the market.
The real estate industry is changing very rapidly. Follow the dynamics of changes in average prices for housing in your area. Observe the evolution of demand. This will help you to close the deal at the right price.
2. The price of similar offers on the market
You should have a clear idea about price ranges of properties which are similar to yours. If homes have similar square, located in your area, are sold, a maximum for €250 000, it makes no sense to put your house up for sale for €450 000. Roughly speaking, if the neighboring house is cheaper - any potential buyer will first pay attention on him.
3. Location
Buyers prefer areas with good infrastructure. There should be shops, malls and entertainments, schools, fitness centers, public transport, etc.
4. Technical condition of the house
The property in perfect condition wouldn't be priced the same as the objects with "certain features". All deficiencies should be reflected in the sale price.
If you want to get the maximum profit from the sale, repair or replace plumbing, dispose of all the issues. Ideally, you should do a little cosmetic work. It is in your best interest, because customers appreciate this kind of improvement at 25% above real value of the object.
5. A good first impression
The first impression when choosing a property, of course, doesn't solve everything. But it affects a lot. In this regard, experts recommend to contain the sold object in a state of extreme purity. No personal items should not be in the eye of potential new owner. If the house or apartment has an average market price, and the seller managed to make a good first impression, the chances for quick and favorable closing of the transaction is growing exponentially.
6. Financial opportunities of the buyers
Evaluate the estimated financial opportunities of buyers, do not be afraid to meet and make small concessions.
And last the most important advice...
The most important tip: forget about the amount that you once spent on the purchase. The purchaser will not give any importance to it. It is also not interesting how much you've invested in repairs. You need to forget about it and assign the starting price based on the current situation.
Text – Alena Eliseeva, ee24
Photocredit Depositphotos.com