-Pricing Correctly…

The Right Marketing Price Affects Your Bottom Line:

When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced Durbanville Estate Agent.

We can provide you with an honest assessment of your home, based on several factors, including:
• Current market conditions in the Durbanville area.
• Condition of your home
• Repairs or improvements
• Selling timeframe

In real estate terms, market value is the most probable price¹ which a willing and informed buyer² will pay a willing and informed seller² for a property on the open market at the date of valuation when neither is under any stress or duress to transact.

¹ The price is the price which could be obtained had the property been exposed to the market for a reasonable time.

² Seller: The decision to sell must be of free choice. He should not be anxious to sell but willing to do so if he obtains a fair price.

² Buyer: The buyer is assumed to be willing, but not under any urgent necessity to buy.

When you want to sell a property, it is extremely important to determine a fair, market related asking price. Over and over, we find that our policy of conducting a diligently prepared market analysis of the property and reviewing it in detail with the owner reduces the time spent on trial and error and leads to a faster sale, at a better price and with less inconvenience to our seller.

WHAT IS THE MARKET VALUE OF YOUR PROPERTY?

o What you paid for your home has nothing to do with its present value
o What you need to purchase your new home doesn’t determine your current home’s value
o The price you would ‘like’ to achieve isn’t necessarily what buyers will be willing to pay in the current market
o The money you spent on renovating doesn’t determine its value
o The value other agents put on your property is not always accurate
o What we say your home is worth is only a guideline
o As a general rule, buyers will only feel an extraordinary price is justified if your property offers extraordinary features

o The reality is that the value of your home is determined by what a BUYER is willing to pay in TODAY’S MARKET, based on how they perceive your home COMPARES with others in the same market

PLEASE BEWARE OF OVER VALUATION.

IT CAN DAMAGE THE SALE BECAUSE:

o It loses prospective buyers,
o It eliminates offers,
o It limits financing options for the buyer,
o It causes your home to be used as a ‘bouncer’
o And it eventually means a lower price.

Those buyers who may well have bought your home if it were priced correctly, will not react to the marketing campaign as they think the house is priced above their budget.
Therefor if your home is overpriced, the right buyers will probably never see your home.

And those buyers who do react to your overpriced marketing efforts and do indeed view your home, actually expect to find more value and are subsequently disappointed as they compare it with other properties that are on the market that offer better value as they are priced realistically.

This will lead to a delay in the whole selling process and will most probably cause your home to eventually sell below market value.

Buyers usually know the market better than Sellers do:

Sellers may look at a few homes before listing theirs for sale. But buyers have frequently looked at dozens of homes over a few weeks or months by the time they decide to make an offer – and acquired a finely tuned idea of value as well as a sense of which way the market is tending.
So if your home is not attracting any interest after a few weeks on the market, you should consult your agent and seriously consider lowering the price as soon as possible. Sellers who do this when the listing is relatively new and the home still fresh in potential buyers’ minds stand a good chance of keeping the marketing momentum going. Those who don’t will, inevitably, end up with an unsold property that is “stale” – or about as attractive to buyers as last week’s bread.

IN A NUTSHELL:

o If you overprice your home,
o The RIGHT buyers won’t see it
o And the buyers who do see it, won’t want it.

Durbanville Estate Agents have known it for years – well-kept homes that are properly priced in the beginning always get you the fastest sale for the best price! And that’s why you need a professional to assist you in the selling of your home.

The plain fact is the first offer is more often than not the best offer. Think about it this way. A home which has just been listed can more easily be perceived as a desirable “discovery” by a serious buyer than a home that’s been on the market for weeks. The longer a property sits, the less desirable it appears. In fact, a buyer’s first question usually is, “How much?” and the second question is “How long has it been on the market?” If you get a first offer, at or near your asking price, it’s probably because you’ve priced your home correctly.