“I can’t sell my house because buyers don’t like the adjacent laneway” - It’s the price!
"I can’t sell my house because buyers don’t like the layout, the traffic noise, the blah! Blah! Blah!" - It’s the price! It’s the price! IT'S THE PRICE!
PRICE is the key ingredient in selling your property for the most money in the shortest possible time.
Getting it right can be difficult even for experienced licensed valuer’s as the only person that really knows exactly what your home is worth is the person buying it! Occasionally there is a buyer who has the capability and the motivation to pay a premium price for the property they really want but these buyers only represent a small percentage of the market.
With access to the information available on the internet today, most buyers are much more savvy than buyers even five years ago, and most will know exactly how much similar properties in the area have recently sold for so they can gauge “Value” to them. They also tend to look at more properties and take more time to make a decision. The property they eventually decide on will be the one that provides them with most of their needs and wants at a price they perceive to be fair market value.
There are two main factors when considering the asking PRICE:
...and “NO” it’s not presentation, the beautiful view, or the kitchen complete with Manu as a live in chef!
how your property compares to the recent sales in the area and
what you are currently competing with on the market at the time you decide to sell!
Sure, the kitchen complete with Manu will be a factor in the ultimate sale price, but always in relation to recent sales and current listings. Sounds easy, but it is continually changing as properties are sold and new ones come to the market!
Owners are not always a good judge of a property’s value:
Some can be over-optimistic, while others pessimistic. The need to recognise this cannot be over-emphasised.
Some people decide to ask a higher price on the basis that the price can always be moved down during negotiations, but it is impossible to raise it. However, overpricing can be a major issue as buyers don’t see that it represents true value and lack of interest right from the start will see the property languish on the market with other buyers then wondering what is “wrong” with the property. “It’s the price”
It’s not uncommon for overpriced properties to sell for less than the price that could have been achieved had it been priced closer to its value right from the start.
If you wish to make a reasonably quick sale, then the asking price should be close enough to the true value to allow it to sell if not at once, then to attract sufficient interest to give early prospective buyers something on which to base a possible compromise.
With over 20 years experience in the residential building industry and 10 years in Real Estate, Murray at Vost Property Group has the experience you need to get as close to the true value of your home and get the price right from the start!
TIP: A home is worth what a buyer is willing to pay and a seller is willing to accept!