Making the decision to sell your house is a major step, and settling on a list price may be difficult. Learning how to price a property, whether you’re consulting with a realtor or doing it alone, can be challenging. This guide will walk you through the process of determining how to price your property to sell.
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- Hiring a Real Estate Agent
This is the first thing that homeowners should do when putting the house up for sale. A real estate agent will help determine the cost of the house much quicker due to their experience. Even though homeowners can do their own research to price the property rightly, it can consume too much of their time and cause them unnecessary stress. Real Estate agents also help find the right buyer for the property and make sure the property doesn’t sell for less. So, to get the best price on your property, it’s important to hire a real estate agent.
- Review CMA of recently sold properties
When working with an estate agent, you can ask them to provide you with a CMA, which is a list of current sales in your neighborhood. It examines the specifics of the home, the number of days it has been on the market, and the ultimate sale price.
Homeowners can do their own research online and get a fair notion of their property’s worth if they’re selling the home themselves. However, don’t be scared to get a CMA from several realtors. Agents are used to giving potential clients comparisons and don’t need to come into your house. You can also think about employing a third-party appraiser. They can offer you a good market price for your house for a small amount of cash
- Letting the asking rates lump you
Have you ever heard of the term “price banding”? It’s the process of scouring your neighborhood’s existing inventory for a less congested price point. As sellers strive to price their houses competitively, prices tend to cluster. For example, if the neighborhood has multiple properties priced between 11,274,000/- PKR and 11,276,000/- PKR, and the following batch of properties starts at 11,290,000/- PKR and higher, sellers should reap the benefits of the 11,280,000/- PKR price range.
- Avoid century pricing
Another method of properly pricing the property to sell is to avoid century pricing at all costs. There is established psychology that things priced slightly under a “century” number (round figure) are more appealing to purchasers, whether at the supermarket or at a house sale. Buyers would prefer a house that is priced at 11,999,900 instead of a house priced at 12,000,000. The odd price of the house gives the buyer the illusion that the house is not that expensive, and makes the house seem more affordable. However, pricing a home at an unusual and confusing amount such as 11,875,900 can be distracting to buyers and create the impression that the seller is untrustworthy.
- Set the Price for online searches
Although this tactic is most useful online, using online search ranges can also be used to price the house. Many online real estate portals have a prince range search bar for properties on sale. this makes it easier for buyers to find the right house within their price range. If your property is listed for 33,150,000 and the buyer is looking for a house in the 22,80,000 to 33,000,000 price range, it’s very unlikely that they will notice your property. However, if you set the house’s asking price at 32,990,000, it will appear in their search results. This will increase the chances of the property being sold faster. Get the idea from the Rudn Enclave.
If all these steps are followed, you will have no problem setting the right price for the house. However, to avoid any such hurdles of pricing the house, it’s better to hire a real estate agent. They might cost a few thousand rupees, but their services are worth every penny.
Muhammad Junaid is a CEO of VM Sol, senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in GreyBricks Marketing – Capital Smart City. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.