How much should I put my house on the market for?
How to decide on a selling price for your property?
Selling a house can be a big deal. Of course, there’s all of the stress that comes along with it, and selling a house can severely impact your finances positively or negatively, depending on how it pans out. On top of that, there may also be an emotional aspect to it. If you’ve lived in a house for long or you have fond memories there, it can be hard to say goodbye
Learn about which factors play a role in adding value to your home on both the interior and the exterior of your home. When choosing a selling price for your home, keep in mind the minimum price that you are prepared to accept, and what costs you will need to incur as part of the sales transaction.
Other ways to decide on a selling price include:
- Comparative market analysis
- Researching similar properties on Private Property
- Property reports from companies specialising in property reports
Reasons to avoid overpricing your home
If you want to sell your home as easily as possible, it is crucial to set a realistic asking price.
If you start off with an asking price that is too high, your listing can become stale after sitting on the market for months with little interest. Even if you then reduce your price, your property still won’t create the buzz that it would have when it was new to the market. House hunters may also worry about the reasons for the reduction – ‘what’s wrong with it?’; ‘why has it been on the market for so long?’; ‘would re-selling be difficult?’ etc.
You don’t want to feel as though you are being taken advantage of by the buyer, but equally the buyer needs to feel as though they are also getting a good deal. Agreeing on a realistic asking price from the outset can lower the chances that your buyer will try to *gazunder the deal at the last minute, and force you to renegotiate at a much lower price than you are content with, or risk the whole chain (if there is one) collapsing. Aim to reach an agreement that satisfies both parties.
Buyers and sellers seem to be finding more new ways to play the game and turn situations to their advantage. Unfortunately, when this happens, someone else in the chain can very easily lose out.
Look at the bigger picture
Put yourself in the position of the buyer – If you saw your house on the market for the price you want to sell at, would you buy it? If the answer is ‘I’m not sure’, then you may need to reconsider.
Not everybody wants to haggle – You may feel that a higher asking price leaves you more wiggle room for negotiations, but instead of making an offer they feel is fairer, some people will just turn their attentions toward other properties that seem more attainable.
A means to an end – Having a property lingering on the market for a long time can bring a lot of unwanted worry. You may find that cutting the price is a worthwhile sacrifice to avoid the hassle of keeping your home immaculately tidy for months and having to endure a seemingly endless flow of fruitless viewings.
Cause a stir – Set the price for a quick sale, and your property could generate some real excitement. A new tactic sellers are employing is to ask a surprisingly low price. This gets potential buyers in through the door who then fall in love with the property. In the best case scenario, this could start a bidding war to drive the sale price up for your home, so you can end up getting more than initially thought.... just as long as the valuation survey agrees!
FACTORS WHICH PLAY A ROLE IN ADDING VALUE TO YOUR HOME
The property itself:
- A spacious, well lit, open plan kitchen (with separate scullery) and well-maintained equipment will bring more value to a property than a small, dark, outdated kitchen.
- There is a trend towards “plumbing” (by this we mean the taps and sanitary ware) contributing to water, energy and waste saving.
- The living areas: a home with a “living” room (or kids play room) and a “formal” lounge has more value than a home with just one lounge.
- Entertainment areas are luxuries that have an impact on the value of a home, like a swimming pool, bar area, games rooms or jacuzzi rooms, and so on.
- Modern outbuildings consisting of double garages, well equipped (electrics & plumbing) staff quarters with bathroom facilities, store rooms or even workshops and sheds can influence the value of a home.
Factors ‘outside’ of the property:
- The location of the property is important (where it is situated). A property next to a busy road, shopping centre or offices, and so on, could be less valuable than a property in a quiet suburb surrounded by other houses.
- Safety and security are very important factors to consider. Security equipment installed on the property increases the value in most instances.
- The close proximity of schools, shopping centres, churches, and so on, as well as convenient access to and from the area (highways or main roads) are also factors which impact on the value.
TIPS TO CONSIDER :
- A buyer who is serious and looking, soon becomes very knowledgeable in his price range. An unreasonable asking price only discourages him from looking at and considering the property.
- Buyers purchase by comparison, and a property priced above the competition does not compare favourably.
Now that you know who is going to sell your home...
and you have decided on a selling price...
The next step is "Getting your home ready to sell"
Getting your home ready to sell
A list of ways to make your home more appealing to potential buyers, from both the exterior and the interior of the property. Some ideas include:
- Keep the grass mowed and the sides trimmed.
- Rake up any leaves that have fallen from the trees.
- Make sure that the pool is well maintained.
- Pick up all the toys off the floor before a buyer comes to view the house
- Repair any leaking taps and toilets.
- Make sure that all your lights are in working order
- Make sure the walls and skirting boards are clean and are not cracked or damaged.
If you need support with a real estate transaction reach out to me.
🠊 http://wa.me/27736046454
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