It is no secret that the real estate business today is booming. Most ads or articles you come across on social media are usually directed towards buyers, but what about those selling their home in the first place?
Deciding on the right price is not as easy as some may think. Homeowners looking to sell their home for whatever reason, don’t just think of a price they would like and hope they find someone to meet that number. Everyone is looking for their investment to have value, whatever shape or form that may come in.
Your home has the utmost amount of value and it is a difficult job to find that perfect spot for the price to feel satisfactory for its seller and be attractive for a buyer who has no emotional ties to your property yet.
But how do you set the right price for your home? Do you go with a low number which attracts many and may lead to a bidding-war, or do you inflate the price in order to give room to negotiations? Luckily, we have compiled a handy list of 5 things to keep in mind when trying to do so:
1. First Impressions Matter:
If you want to showcase your home at its full potential, make sure it reflects exactly that. Fix all the things that you are able to, clean it till it glitters, and if plausible, give it a fresh coat of paint. Making your home as attractive as possible goes much farther than you think it would. When a potential buyer steps in, they get a brighter welcome into the property, and it helps their creative brain cells switch on. The changes that they may want to implement seem clearer and not too far-fetched.
2. Go Into This With an Open Mind:
It is totally understandable that your emotional ties to your home can refract your view of the property’s true value, making a business decision difficult for you to take wisely. Having an objective view is a strong suit to have in such a fast-paced industry.
Throughout the process of finding the right price for your home, a good agent will listen to your concerns, consider the information you bring to the table, and combine this with his/her knowledge of the market your property falls under. Teaming up with a real estate agent could be a great partnership – with your knowledge of the apartment/house’s ins and outs and a professional’s experience you could become the Batman and Robin that your house needs.
3. Do Your Homework:
When trying to decide on what price to advertise at, why not have a look around and see what the market looks like for buyers? Check out some ads on social media – what is available with the number you have in mind? This will, at the very least, give you a ball-park idea of what your house is worth. Check similarities and differences between your property and others, compare the pros and cons, take note of everything. Always remember that it is your job to know everything there is to know about your home.
Do a little bit of research into anything which may be relevant, like how old the building is, and what makes its location better than the block on the next street. Justify why it deserves the pricing you are looking for, and this information will also give your agent the fuel he needs to drive the sale forward.
4. Let The Number 9 Become Your Friend:
This may seem trivial, but it has proven to go a long way. When pricing your home, try to steer clear of a rounded number ending with a zero. Pricing an apartment at €219,000, instead of €220,000, reflects a more thought-over decision. It gives a sterner impression and indicates that there is not much room for negotiations. This also extends your exposure among buyers who have a budget in mind that doesn’t extend till that rounded number.
5. Be Flexible:
Although you may have chosen a price for your property, always remember to be ready to reconsider it. The real estate industry is under constant review and changes frequently so your approach towards it must be the same. It should be a conversation that you revisit with your agent every now and then.
