Choosing a Suitable House Price
Setting a Price too High
The danger associated with pricing your property too high at the outset is that you may have to repeatedly reduce it over time in order to finally find a buyer. This is dangerous because it can make potential buyers suspicious about the quality of your home, and they may also wait to see if you will make any further reductions before making an offer or viewing. If you do determine that reducing the price is the best solution, it's ideal to only drop it a single time. The following are five tasks that will help ensure that you only need to drop the price one time:
1. If you have a strained relationship with your current estate agent because they have not been able to sell your house, you need to stop and realise that they also want a positive outcome. It is in our best interests to work together to achieve a successful sale.
2. It can be helpful to conduct some research into other pending sales in your region. We monitor the market to see how long these homes were on the market before they reduced their price.
3. Price comparison between current listings and recently sold homes can also be quite helpful. By analysing these, we know which price ranges are selling and which homes are selling for more.
4. Current homes that are still on the market should be reviewed with your agent. Consider the length of time that they have sat on the market.
5. Compare your property with similar homes that are selling in a similar price range. It's a good idea to ensure that your sale price is in the cheaper 40% of the other listed homes. If not, you run the risk of no viewings. If you really need to sell your property quickly, you will need to price it lower than competing houses.
If you set the right sale price, you can expect to sell.