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Selling Your Home? How To Set The Right Price

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If you are not sure how much to price your home at when selling, here are some great techniques to help you get the highest offer on your home. Improving the appearance of your home prior to selling is important, but there are pricing strategies that you can utilise that don’t involve physical labour.

How to Price Your Home Competitively

The single most important decision that you make when selling your home is what price you set it at. If you go too high you risk turning off buyers, but if you go too low you lose out on some of that time earned cash. One very simple and powerful technique to help you ensure you chose the right price, is to spend time comparing similar past sales in the same area. By looking at what price similar properties in the area have sold for, you can begin to determine what a reasonable listing price would be.

Be Strategic About Your Price Point

If you look on popular real estate websites – such as realestate.com.au or domain.com.au – you will see that homes for sale are sorted into price points. To help you understand this better, consider going to the store to buy milk. You are more likely to purchase the milk priced at $4.99 rather than the $5.00 bottle. You need to think about your home sale price in the same way.

Similarly, since potential buyers shortlist homes within a price bracket – usually within five to 10 thousand-dollar increments – you should consider your price near one of these natural price points. For example, a price of $355,000 would probably see you achieving the same number of potential buyers as a price of $352,000, but moving your price down to $349,900 would widen your potential buyer pool.

Leave Room to Negotiate

Though, as explained above, you need to be strategic about your price point, you also need to consider the negotiation process. Very few buyers will take the sale price as written, they are going to want to have you wriggle a little. What this means is, they are going to try and negotiate a slightly lower price. As long as the negotiation is reasonable, you should be prepared to lower your price slightly in order to sell. To do so, you need to be listing your home at a price that allows you to negotiate but still be happy with the final sale price. If you list your home for the lowest price you are willing to sell for, you are going to deter potential buyers.

For example, you want to list your home for sale at $349,900 and this is the lowest price you are willing to sell for. If you add $10,000 to your price, making it $359,900 you leave room for buyers to negotiate. The end result could see you earning a bit more out of the deal while leaving the buyer feeling like they negotiated a bargain. It’s a win for both parties involved.

Hire an Experienced Real Estate Agent

Having an experienced professional real estate agent help you sell your home is great, but you also need to be utilising their experience by asking them for advice. If you trust them enough to sell your home, listen to what they have to say about your sale price and the local market. Take feedback from open homes and what potential buyers are saying and be flexible. At the end of the day, just as you do, your agent wants to help you sell your home for the highest price possible.

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