In today’s market, it can be difficult to put a firm price on a property. There is currently a huge level of demand and very little supply which pushes prices up. The key point you need to be careful of is buyer misinformation. Since they’ve likely never been on the receiving end of so much real estate information, chances are they won’t have an understanding on median property prices in the area. However, one point they will understand is value for money. They’ll know what they’re willing to pay, and will also be able to find the market value of your property with a few clicks online by checking the sale prices of similar homes.
If you overprice a property, you risk losing your target market, as they may not see value in the property and buy elsewhere. It may also put your property outside the search range they use on major real estate websites, meaning they might not even know it’s an option in the first place. For example, if the true value of your property is $530,000 and you try for $570,000, the buyers you’re trying to attract may search for properties up to $550,000 and your property will never even come up in their search results.
When one of the team from Arbee Real Estate Professionals comes out to look through your property, they’ll follow up the visit with a comprehensive property report, listing:
- Similar properties that have recently sold
- Similar properties on the market you’d be competing with
- Information about the current median price for the area
- A section regarding days on market and list to sell prices
All the above information can be used to clearly calculate where your property sits compared with similar properties and where to best position your property asking price. This is the same process that potential purchasers will be completing when deciding whether they’ll enquire about your property and if they can see value in it. For an obligation free property report, contact the team at Arbee via firstname.lastname@example.org or call 5367 2333.
The key in today’s market is to be optimistic whilst remaining realistic!