We are hearing almost daily that house prices are falling, so it is now more important that you utilise a highly qualified local agent to sell your house. One of the most important steps to price your property so that it can encourage buyers to look at your house.
Offering your home to the market is a process that comes with an almost unlimited set of choices, and setting the correct asking price is among the most crucial.
There will certainly always be a difference between a seller’s dream price and a purchaser’s dream price. So how exactly do you find the sweet spot that attracts the ideal buyers without falling short of what you desire?
It’s a complicated balancing act, and it will call for various different methods based on the current market.
Why is getting the price right so important?
Establishing an asking price or price guide can be one of the most impactful choices you make in the process of selling your property.
Overpricing can have a major negative impact, particularly in the current market.
If your asking price is viewed as too high, by potential purchasers, your property will likely end up remaining on the market for an extended time. Once you have utilized the initial marketing campaign and you still haven’t got a sale, it only gets more difficult every week that goes by.
Five or six weeks from now you could be looking down the barrel of a significantly lower sale price because buyers may believe there’s something wrong with the property.
On the other hand, establishing the benchmark too low may send the wrong message, and of course, there are legal rules around underquoting.
Inevitably, you want your price guide or asking price to draw in as many potential buyers as possible in order to create more competition.
The more real interest you can stimulate from the minute a potential buyer sees your listing, the better placed you’ll be to have a successful sales campaign with multiple offers coming your way.
How to strike the balance just right
In 2021, the Brisbane property market was defined by FOMO-driven purchasers grabbing anything and everything as soon as it was listed. That situation has now shifted significantly through 2022.
Purchasers currently are coming to the market with selectivity, patience, and an eye for the highest quality. They also tend to be skeptical of anything that appears overpriced.
Buyers are now offering what they perceive to be a fair market price for homes. Those that deserve a higher price are those which tick the most boxes. Well located, superbly presented and move-in ready properties are obtaining the best prices at the moment.
Having a clear understanding of which boxes your property ticks (and which it doesn’t) will help guide you towards that perceived fair market value.
Contrasting comparable recent sales in your location is also an ideal way to zero in on that goldilocks price range, and this is something smart purchasers will be maintaining a close eye on as well.
What tools are available?
There are a number of ways to narrow down your price range at various stages of the selling journey.
Early on, getting an online estimate which compares your home to recent sales and provides a price window that your property could sit in is one of the best ways to get the ball rolling.
When it comes to getting an accurate, all-around assessment of every element of your property and how it’s positioned in your local market, an agent appraisal is going to be your best bet.
A leading local agent will have a full understanding of how comparable properties are performing in your local area, what purchaser behaviour has been going on, and how to best market your home in that suburb to establish the ideal price and attain a top outcome.
Potential purchasers’ comments are also a vitally important aspect. No matter how your home is shown to buyers, you as a seller really need to pay attention very closely to how potential buyers are responding to the property and make any essential adjustments to price expectations.
As long as the ideal price has been established, you’ll be in the best position to attract maximum purchaser interest and achieve your top sale price.
Talk with Justin or the team at Hicks Real Estate about what price your property may attain in the current market. They can even give you great ideas about how to maximise that all-important sales price.
House prices are on the rise. Find out the value of your property now.
Get a free online property report from Hicks Real Estate. It takes seconds.
Hicks Real Estate Team
Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.
