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It is very crucial to estimate the value of the home appropriately; as this may determine whether the house gets sold quickly. While making the estimate make sure the price suits the seller as well as the buyer as both parties are striving hard to save a few dollars and get the best deal.
Sellers may sometimes overestimate the value of their home to encash extra profits but; this can be painful if the buyers in any way feel they are overpaying. To get the pricing right research is the key, and if the value of the home is accurate not only will you strike a quick sale for your client; but also instantly build trust among both parties which in turn means referrals.
For first time buyers the decision is big and they definitely want a great value, so when you are estimating the final price make sure you consider the following aspects listed below;
1. Area: Every home is valued on the size or the area of the plot the larger the area the greater the price. But sometimes factors like location and vicinity also play a crucial role in impacting the price. For example if you a school, place of religious worship like temples, mosque, churches at a walking distance then the value of the could be slightly more.
2. Time: Every home is listed in the market for x number of days, an experienced real estate sales professional can give you all these details. Generally a home is not sold as it is over priced and the longer a home is listed in the market and remains unsold you should consider amending the price and relisting.
3. Upgrades: This is often the deal maker or breaker for many prospective buyers as no one likes to make replacements after they have bought a new home. Especially upgrades like a furnished basement, updated kitchen and bathroom are tempting and prospective buyers are willing to pay if they see the value. If compared with an upgraded home and a home that needs work 99% times prospective buyers choose an upgraded home as it just means no hassles.
4. Offers: If after tons of showings your house has only bagged a few offers, its clear the price of the house is not right. So its time to give the pricing a thought. At this point also consider at what the neighbouring houses in the area where sold as most of the buyers take this as the basis of their research to scale whether a house is overpriced.
Always give it a second thought when it comes to pricing your property, as price often can speed up the sale process if some compromises are made. Happy buying and selling, don’t forget to share your comments and view our new listings.