10 Tips To Price Your Home Right
July 17, 2014 Leave a comment
1 First things first–make a list of similar homes sold around you. Understand how yours is different from those.
2 Next, take stock of homes that are on sale in the area. Go talk to owners, maybe tour the houses to understand what’s on offer.
3 Talk to property agents. They could handle the first two steps for you but it’s best if you do those yourself to get a realistic number.
4 Let the agents conduct a price survey in your area and come up with their number.
5 Since you have done your homework well, don’t be misled by agents who offer the moon.There is something fishy if all deals in the area have been under 1 crore and an agent says he’ll get you 1.3 crore
6 Understand market conditions. The price that a buyer will be willing to pay is also dependent on market sentiment.
7 New homes sell on a per sq ft basis but not old ones. Comparing two old homes is tough as you might have done extensive renovation, adding amenities that others don’t have. Factor that in.
8 Don’t overprice your house. It can push you out of the market and eventually force you to drop the price. That would make it appear as if your house is still overpriced or has a problem.
9 You shouldn’t deliberately price it below the market either unless you are desperate. This would again make it appear as if there is an issue with the house.
10 Make the agent understand why you are selling, how long you could wait for a deal and how much you will bend in terms of price.Any misunderstanding there could mean the agent misrepresenting you to potential buyers