One of the main reasons properties don’t sell is price. We understand that as an owner, you want to believe your property is worth more than it actually is. It is important to stay as impartial as possible and choose a price that is close to market value.
You don’t want to overprice the property because you’re going to lose the freshness of the home’s appeal after the first two to three weeks of showings. Demand and interest wane after 21 days or so. Of course, there’s nothing stopping you from dropping your price later, but this can be a matter of too-little-too-late.
On the other hand, don’t worry about pricing it too low because properties priced below market value will often receive multiple offers. This will then drive the price up to the market. Pricing is all about supply and demand.
A good agent can determine what the market is saying your home is worth and help you establish the correct price point in order to achieve a quick result at (or above) your asking price.
Comparable Market Analysis
When we prepare a comparative market analysis:
- We look at every similar home that’s been listed in the same neighborhood as your property over the last three months. Anything older than three months might not be relevant.
- We look at the withdrawn listings and find out the patterns as to why these homes didn’t sell and note any common factors they might share. We will advise you about the steps you can take to prevent your home from becoming an expired listing based on this information.
- We look at the active listings as they are your current competition. We will discuss with you why a buyer would prefer your home over any of these others and adjust your property price accordingly.
At Ray White City South, we pride ourselves on knowing the market – what buyers will pay and what sellers agree to accept. We help price your home accurately the first time so it will sell quickly!
We would love to meet with you and see your home so we can give you an idea of what it would sell for in the current market. Want to know what your home is worth? Call us today! 02 9289 8989