Determining the price of your home is not a very difficult thing to do – It’s just tedious work. You can get professional help such as property agent or you can easily browse through the property website.
It’s tough competing with hundreds; maybe thousands of property ads in newspaper classifieds like The Star if you want to sell your home. Odds are low, chances are slim. But you need to sell your property immediately. You have some contacts – You gave them a call and say you want to sell your property – Not so immediate, but you want to get it out of your hands.
It could be even more daunting if you come across problems like active bargain hunters. What will it take for you to lower that price? Gaining real estate wealth isn’t simple – You need to be knowledgeable. The following are the 6 HEADSMACKING Tips to Pricing your Home For Sale.
Consider this – You want to sell your home, but you’re in the middle of thousands of sellers. What does it take to be a smart real estate seller? Knowledge. Here they are.
1. Assess the market and look at real estate trends
Be steady, not sturdy – Look at new developments and ask about their price. Go for property exhibitions (like iProperty expo) and enquire within the class and range of your house. Get to know more people and look at their buying power from different locations.
TIP: If you’re planning to sell your house and buy another, consider looking at the market in that particular area. Because where you plan to buy may just be where you GET your best buyer.
2. Ask yourself: How much is my home worth?
Check out your ‘competitors’ and ask agents about prices. Don’t stay too long with them or you may be suckered into selling your home quickly then you could ever imagine. It’s basically business – Get a strategy (see no. 4) or you can simply check your property market value here by using our Free Valuation Report.
3. Think Real Estate: Is it worth it to sell now?
Is it worth selling your property now, or do you need to sell it to gain financial stability? Look at the market before you sell: If you take last year’s selling price and compare it with this year, you may see a slight difference in price – And if you sell it on last year’s price, the buyer will get a huge ‘discount’. So wait for a while and consult your experts. The bad part about waiting is that the property market can sometimes decline, or your finances may not be able to hold the house any longer.
TIP: If you find a Property Loophole – When there are no sales or sales are decreasing, that’s your chance. Mark up a little higher than the market price (or whichever you think is possible) then sell it
4. Plan your real estate strategy: Be WISE.
Suppose prices in your area drops approximately one percent every month – Or half a percent every fortnight. You can topple your competitors and sell your house quicker if you predict the actual value to drop 3% and give your house a discount of 2% immediately. That strategy might kill off your competitor, thus earning you 1% advantage over those who waits longer.
If you’re waiting, look at No. 3.
5. Refer to Walking Property Dictionaries
Don’t neglect property experts. They may be your best source of current trends and information. Better yet, if you have close relative in the line who knows best – Ask them about property market conditions and range of property prices in the area you want to sell your house. Trends should be maximum of 5 years.
TIP: Also, give them a hard time by asking them the absorption rate of real estates in your area. Looking at conditions now, what does it take for the market to absorb or sell all the properties; if supply is higher than demand or vice verse; and how to price to offset such conditions?
6. Know who’s buying or selling in the market
Know this for the big WOW factor – Is your area under plans to redevelop? Will nearby areas be a tourist destination or an industrial area? Will your area be a metropolis instead of a fishermen’s farm?
TIP: Again, know your market trends: Who’s buying what, how much are they paying, what are the development nearby, will there be a huge demand in the next 2-3 years, what are the odds of you waiting to selling now?