Price setting your property is critical to selling quickly and for a great price
When it comes to selling your property – whether it’s your home or investment property – both you and your agent want to achieve the highest sale price as quickly as possible. The best strategy is to establish a realistic figure of what the home is worth and set the price correctly before launching the campaign to market.
If you set the initial price too high you risk scaring off potential buyers. Set the price too low and you will be inundated with bargain hunters who will waste your time and never meet your expectations.
Your agent will make a price recommendation by investigating recent sales, the prices of other current listings and the strengths of your property over the competition. Friends and family will likely push your expectations beyond realistic but it is important to remain objective and ask your agent how they came up with the rationale of the pricing they recommended.
The first four weeks of the campaign is when a new listing attracts the most amount of interest from hot buyers and often strong early offers. If you go to market with an inflated price point, you risk the property sitting on the market for a long period. The longer it sits there the more likely buyers are likely to view it as less value for money than your competition and may create questions in their minds as to why this is so.
Serious buyers are watching the market and know what properties are currently selling for. If your property is what they are looking for, you want them to express immediate interest and make an offer quickly. Often very early offers are strong (you may not get one better so take it seriously!). They may have missed out on other properties and want to put their best foot forward out of fear of missing out again. If your agent negotiates them to their final price and says that their final offer is a very good one trust their experience and knowledge in the field.