Putting a property on the market can be stressful, and it can be difficult to make objective decisions when it matters most. It is recommended that owners lean into their trusted real estate professional for additional insight and guidance.
Firstly, consult with a trusted valuator to perform a current market analysis. In this process, they will look closely at the comparable sales of similar properties in your area that have sold in the last 90 days and take the number of available listings into account when recommending an asking price. Sellers should lean heavily on these insights when agreeing to a listing price.
Also highlighted is the importance of a seller's market debut. Pricing the property competitively from the get-go increases the odds of a quick sale. New listings are called hot for a reason. Buyers get excited about them. Most buyers screen available properties on the Internet, and new listings get far more web traffic than older listings. Showings are likely to cool off noticeably after the first 30 days on the market. If your property is priced too high when it hits the market, you run the risk that active, qualified buyers will scroll right past it.
For sellers who think the asking price their agent recommends is too low, you should consider the potential costs of holding on to the property longer than the you would like to. Consider the costs of the bond repayments, property taxes, insurance, maintenance and all the other related expenses. How long are you prepared to keep paying for a property you no longer want or need
As a final word of advice to all sellers, a few interesting facts to keep in mind when listing your property for sale:
Properties that are in a good condition that have failed to attract a buyer in a reasonable period of time (roughly between three to six months) are usually overpriced.
Foreclosures or sales under market price in your area can impact your property's market value.
It doesn't pay to set the price too high; most buyers will need financing and the bank will generally use an appraisal based on recent sales to justify the loan amount. If your asking price is above the bank's appraisal value, then the buyer will most likely not be able to afford to purchase your property.