With stocks and real estate, the conventional wisdom is to buy low and sell high. However, getting the highest possible price for property is not always simple and depends on several factors. The first step is to set the right price for your property. Price is the main attraction for buyers, and a fair price will attract more buyers. If you overprice your property, it may go unsold for weeks or months. If you under price, you may not get what it is worth. In other words, you may need some good strategy to determine your property’s asking price. If it seems too complicated to figure out a price, companies such as estatedeal.ca can help. Here are some tips for determining the right price for your house.
Appeal to the Crowd
No buyer wants to think that he is the only person interested in a house. He could wonder if other buyers know something he doesn’t know. When more people show interest, you may have the possibility of selling to the highest bidder. In order to get more people interested, it is a good idea to put the price at the lower end of your value range. For example, if you list your house at $250K but will accept an offer of $240K, setting the lower price may attract more buyers and start a bidding war. This could also be a good strategy if you need to sell the house quickly. If few buyers show interest and the house is on the market for several months, it may be better to take it off and try again later.
Get Found Online
In order to be found in a real estate search, it is recommended to set your price a bit higher than you expect to get. For example, if you will accept $240K, you could set your search parameters at $260K. If you set the lower price, you could miss people who are willing to pay more. The buyer may also make an offer under the list price. Your online listing could attract buyers from far off places who are looking to relocate in your area.
Don’t Stand Out
The asking price should seem normal. That means a nice round number such as $250K or $700K. Some sellers think that if their value range is $450K – $600K, they should ask for $575,400K. This type of number only causes confusion in a buyer and makes her wonder what is going on. Buyers often unnecessarily want to look into the background of the seller to find out if they are eccentric. The best real estate selling strategy recommends keeping the seller far in the background. This is one reason agents ask sellers to remove any personal photographs and to keep the décor neutral with no amazing souvenirs from the tropics.
Have a Backup Plan
Your agent may agree to list you house at a very high price to comply with your wishes, but this may not be the best strategy for getting the house sold. You need to know before you put hour house on the market, how low you are willing to go before you receive offers. For example, you know you need to get at least $500K for your house to recover your investment. If you want to make money on the sale, you need to know that amount too. This will help you have the appropriate expectations in mind before you get any offers.
Keep Your Options Open
Pricing a house or other property to sell is not as straightforward as you think. It may require an ongoing discussion and evaluation of several strategies before the house is listed. There are many factors that go into selling property and many of those factors cannot be anticipated. Being flexible in your expectations is important so you are not surprised if things do not go the way to hope they will go.
Selling property is not child’s play, and experience as well as knowledge of the market is important. Your best option may be to consult an online platform that will allow agents to bid on selling your property so you get the highest price with the lowest commission rate.