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Sellers - Price Your Home Correctly for a Quick Sale

Sellers - Price Your Home Correctly for a Quick Sale

Date: 2016-06-17
It seems the most obvious advice: to sell a home quickly, you need to price it fairly and in line with comparative properties in the area.

A recent sale inHout Bayis a case in point, where a three bedroom home was sold within one week of listing it - at its full asking price of R3.285 million.

While this property has many things going for it, with majestic views of the valley and surrounding mountains, as well as the home itself being a very comfortable low-maintenance family residence, the fact that the agent counselled the owners in pricing their home for a quick sale was a huge factor.

They also recently sold an apartment inVredehoek for slightly above the asking price - within three days of listing it.

Both these sales are indications that once a buyer sees a property he or she wants and realises that the price is right - not just for them, but fair in terms of the market value of the property - they will in all likelihood offer the asking price and not automatically try to negotiate down.

In working out a market value for a home, the agent will compile a comparative market analysis in which the current sales listings are compared with those that have sold in the last six months to a year, and take into account what the owner wants for the home.

It is important to compare like with like, and then also allow for intangible value adds such as views, proximity to a beach or green belt, or that it is in a quiet cul de sac.

Other things that will affect the value of a home is whether it has recently been renovated, whether the finishes are above average and whether power-saving or eco-friendly systems have been installed to benefit the owners of the property, and so forth.

Sellers must resist the urge to ask for that little extra for their property, which could result in overpricing it. If a property is overpriced, it will stay on the market with little or no interest for a protracted period, gaining a stigma.

While it is understandable that sellers want to get the best possible price for their property, overpricing it or pricing it out of the market may well prevent the property from being sold at all.

Buyers nowadays are incredibly astute in that they are aware of the property prices and values in their area of choice.

They will do a lot of their own research before looking for a home to buy, and they will in many cases know exactly what they should pay for something before viewing a property.