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To price or not to price?

That is the question we often hear

The key to attracting as many potential buyers as possible is to avoid putting any barriers in the way of their appreciation of your property. Putting an advertised price on your property is often a major reason why potential buyers will not enquire further. Falling in love with a home is a very natural and emotional thing to do and is normal buyer behaviour a reaction which, initially, has very little to do with cost. In reality, price can often be surprisingly low on the list of priorities because there are so many other important attributes which go towards creating the desire for ownership.

Consider this:

A property marketed without a price will:

  • Attract between 3-4 times the number of potential buyers*
  • Attract premium price opportunities
  • Have a higher rate of success within a shorter time period

A property-based decision is infinitely preferable to a price-based one. It's important to sell the dream before the reality.

* Harcourts Research

The best time to get the best price

The Price of Success

The most difficult task for prospective sellers is determining the value of their home. It is important to recognise that uninformed opinion, the cost of improvements a seller hopes to recover, or the final amount needed to realise future plans do not factor into pricing. The best method is to study the current real estate market facts and figures, those which have sold, those which have yet to sell, and those which will represent your competition. The current property market will strongly influence the value of your home. Realistically priced properties generate more enquiry. Increased buyer competition can raise your sale price and your property is more likely to sell quickly.

Time is Important

After your property is presented to the market, buyer interest will be highest between week two and three. After this, buyer interest falls away quite significantly. To maximise this window of opportunity, we will design a marketing programme which reaches its peak and gives your property its highest profile during that prime period. If you have decided to market your property with a price, remember that it must be valued correctly right from the outset so that you will benefit from the initial surge of interest.

Buyer enquiry may fallĀ of significantly after the first 4 weeks.

The principles of pricing

When considering marketing your property with a set price, it is important to use market facts when determining your asking price.

Over-priced properties do take longer to sell and do not attract the optimum number of potential buyers, particularly during the prime selling period. Also, the longer properties sit on the market, generally the lower the price they achieve.

The closer your initial asking price is to market value, the more chance you have of achieving a favourable price for your home.

Contact Team TNT