Why Pricing Is Vital to Successful Selling

HOW TO GET BUYERS THRU THE DOOR

By Andrew McGrath

19-08-2018 |
Getting the price right has become more important since the changes o the Legislation regarding how a property can be advertised. Good presentation is important and can add value to your property, but pricing is what gets buyers through the door. Since the legislation change we have noticed that the initial listing price of a property has become more important than ever. THE LISTING PRICE OF A PROPERTY IS THE SINGLE MOST IMPORTANT FACTOR IN A SUCCESSFUL SALE If the price is right, you can expect lots of interest and probably a reasonably quick sale, at asking price or close to it. If the initial listing price is wrong in buyers eyes, your property may remain on the market for some time with little interest. ... NOBODY WANTS TO BUY THE HOUSE THE HOUSE THAT NOBODY ELSE WANTS. Buyers tend to look in $50,000 or $25,000 blocks. So if your property is listed at, say, $485,000, you have missed the bulk of buyers who have $450,000 to spend. A buyer might search up to $475,000 if they have $450,000 to spend. Also, buyers will tend to do a comparison search, early on, to judge what is good value for their price range. So, that same buyer might search to $500,000 to see what those properties offer. If your property, listed at $485,000 comes up in that search and doesn’t compare favourably with what else is in that price range, even if you drop the price later, you have lost that buyer for good. If you are considering selling, think carefully about the price you put on the property. Try to think in blocks of $25,000 or $50,000 before setting the price and remember that prospective buyers will be looking in the price range slightly above to determine value for money. Ask us for a free Property Report detailing Sale prices for similar homes in your street.

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Selling Pricing