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It is extremely important to price your property correctly before putting it on the market. Use a reputable Estate Agent or Valuator to determine the Right price.
Keep in mind that the owner of a property attaches a lot of sentiment to that property. The buyer, in turn does not buy sentiment, in fact he/she does not even see that sentiment. Examples of these are:
The bedroom that belonged to the first born in the house. The new owner may turn that into a study!
The Cycad you planted and nursed over the last 10 years, may be moved or removed by the new owner.
Disadvantages of Over-Pricing
The first 3 weeks a property is on the market, is the most important period. Dusring this period, the property will be exposed to the largest number of prospects. This exposure normally gives a good indication of the marketability, price, etc. of the property. This feedback is important to both the Seller & the Agent in order to make adjustments to the price, marketing efforts, target prospects, etc. It is because of this, that Homemakers recommend a Sole Mandate be given to a reputable Estate Agent. (see Sole Mandates)
Over-Pricing lengthens the marketing period. The longer a property stays on the market, the more difficult it becomes to sell it. Buyers sometime think that there is a problem with the property.
Sellers often receive lower offers.
The property may stagnate.
Draws the wrong prospects. Buyers that would look at properties in this price-range, compares with other properties and draws comparisons.
Buyers are reluctant to make offers.
These properties often sell below market value.
The prices of over-priced properties are continiously changed and dropped.
The best marketing period is wasted.
Comparitive properties are more attractive and they then sell easier.
Prospective buyers are put off.
Shortage of Buyers interest.
Buyers eliminate the property based on the asking price.
In comparison with an over-priced property, we experience the following with a property that is priced correctly.
The Marketing Period is visibly shorter.
The Marketing Period is normally a nerve-wrecking & un-comfortable time for the Seller. Unknown people come all times of the day and night, intruding on your privacy, to view the property. This period is considerably shortened with the Right Price.
Less Open Days. (Show Houses)
Creates the impression of Good Value.
The Fact that the property is priced correctly, stimulates the buyer and he/she looks at the property through different eyes.
More reaction on Advertisements.
A correctly priced property gets it's asking price far easier.
Estate Agents are more enthusiastic, resulting on them working harder on the property. This enthusiasm carries over to the Buyer.
Maximum exposure in the market.
Compares more favourable with over-priced properties.
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