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How much is your house really worth?

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How to price your property for sale

Find out what buyers really think about your home. 

Picking the right price to sell your home for is one of the biggest decisions you will face when selling property. Everyone wants to sell for the highest price possible to maximise their wealth. However, overpricing is risky. If you overprice and your property sits stagnantly on the market for too long, potential buyers will get suspicious that something is wrong, and you may end up having to discount the price significantly.

It is possible to get the balance right with a little bit of preparation. Start by arming yourself with as much knowledge of the market you’re operating in as possible.

Research comparable sales in the area

Even if you are hiring an agent, carrying out your own research on your local property market is important. Understanding comparable sales data puts you in a much stronger position to set a reasonable price point for your property and manage your expectations.

What you perceive as a ‘value-add’ to your home may not be important to potential buyers, so try to remain objective when investigating the local market.

Research comparable property sales in the area

It’s easy to research property prices in your local area, thanks to real estate websites. There are many Australian websites that you can use to research sales in your area, such as:

Meet the market – don’t set the price too high or too low

Getting the pricing balance right to “meet the market” is crucial. If you get it right, you’ll find that you’re attracting optimal visibility from potential buyers – the more people who view the house, the more likely you are to get a good price. No one will bother viewing a property that they think is over-priced.

The impact of price on the visibility of your property can be significant. If you over-price many of your potential buyers will not even get the opportunity to view the property, similarly, if you under-price, you may attract unsuitable buyers and even miss out on maximising the return on your investment.

Develop a strategy

Armed with knowledge about the market you’re selling in, it’s time to think seriously about your strategy.

If you are using an agent, bear in mind that no two real estate agents have the same strategies. It’s a good idea to bring in a few agents to understand their strategy for marketing and pricing for selling your home. If you’ve done your research, you will be able to determine if your agent is on track or giving you false hope.

Develop a property selling strategy

Your strategy should include detailed consideration of:

  • advertised price 
  • open home schedules 
  • your reserve price
  • advertising budgets
  • marketing channels
  • ‘offers above’ your pricing point
  • whether you will go to auction or sell by private treaty

If you’d like to read more about selling your property, download our free Home Seller’s Guide. You’ll need to enter your email address so we can send you this e-book, but we promise you won’t be spammed.

Download now

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