• Price correctly from the start

• Understand the market

• Factors that affect the value of your property

• Do your own research

• Buyers know the market too

Setting the price for your property is an emotional event in your life, but don't let your heart rule when it is time to set a realistic price for your property.  While there is no "exact" price for any one piece of real estate, Kerrylea can provide you with all the relevant information you need to make an educated decision.

The secret to getting the most money and the quickest sale, with the fewest hassles is to price your property correctly from day one.  Some of  the factors you must consider include, how much other similar properties have sold for recently and what other competition you face from other homes currently for sale.  Also local market conditions, like loan interest rates, will also influence your eventual sale price. 

Properties sell closer to their asking price during the first few weeks on the market.  It is therefore vital that your property is priced correctly from the start if you want to avoid a “bargain sale” later on.  Often home owners make the mistake of asking too high a price in the beginning, believing they can always drop the amount later to make a sale.  Unfortunately, overpriced properties are generally still on the market many weeks later.  The buyers have lost interest because they have seen better value elsewhere and they become concerned about reasons why your house hasn’t yet sold. 

If you overprice, you run the risk of reducing the response to your advertising, by losing genuinely interested buyers and you also help other property owners sell their similar home that is on the market at the same time. 

Remember - That the value of your property is determined by what a buyer is willing to pay for your home in today’s market, based on comparing your property to others that are currently on the market for sale. 

More importantly, is what similar properties have sold for in the last 6 months as this is the only historical data a bank will use when doing a valuation to lend mortgage. 

Which brings us to the points:

• What you paid for your property, does not effect it’s value.

• The amount of cash you need from the sale of your property, does not effect it’s value.

• What you have spent on your property does not necessarily effect it’s value.

• What another real estate sales person says your property is worth does not effect it’s value. 

In the end, the price you get for your property will always be determined by what someone else is willing to pay, so listening to any feedback you receive from prospective purchasers is important. 

Unfortunately, some home owners will often select the salesperson who quotes the highest price.  Overpricing your property benefits nobody, least of all yourself.  It ultimately undermines the value of your home and sacrifices it’s potential worth.

It is often a mistake to list your home with an agent just because he/she has provided you with the highest price (appraisal).  While it is true that you can always "come down" there are many factors to consider.  Firstly, the market is always looking for new listings.  This means that the first few weeks your home is on the market will bring more inspections than any other time.  All the buyers in the price range will rush to see your home.  Those that have been looking for some time are the ones who have done their homework and are ready to buy.  But they will also be the most aware of the market value of your property.

If your home is correctly priced it will make buyers feel they need to snap it up before someone else does. If the price is too high, they feel no such sense of urgency.  Just as sellers take the attitude "we can always come down", buyers think they will wait until the price drops.  The longer your property stays on the market, the more buyers feel they have negotiating power.

In a rapidly rising market, of course, sellers who hold out often achieve higher prices. But before those selling in a sellers' market get too excited, they should consider that if they are trading up to a more expensive property, they stand to lose more than they gain as the equivalent percentage increase on the more expensive property translates into more in actual dollar terms.

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