Your listing price matters.
Category Buying & Selling Tips
The real estate market is always a complicated confluence of the economy and the buyer's/seller's demands. This is why having a keen understanding of market dynamics is essential to achieving the best results.
Your best-case scenario is an informed, strategic approach that benefits all parties involved. This is especially true when tackling the critical aspects of property pricing, the factors influencing sales, and the advantages of proven sales methods. If you list your property right the first time, there will be no need for a second or third attempt.
Price is Key
It's often said that every property has five prices: the price the seller wants, the listed price, the valuation, the probable selling price, and what the buyer is prepared to offer. Sellers, especially those emotionally attached to their homes, may find setting a realistic asking price challenging. It's important to remember that the price you set should align with market realities and attract attention from hot buyers.
A key to objective pricing is using a Comparative Market Analysis (CMA), which helps determine the property's worth based on recent sales of similar homes in the area. You want your property to be competitively priced, attract serious buyers, and prevent prolonged market exposure that can diminish its value.
Price remains the most crucial factor. Buyers today are well-informed and thoroughly research market values, often comparing multiple properties before making an offer. Therefore, pricing your property correctly from the start is vital. Overpricing can lead to a lack of interest and a lower eventual selling price, while a well-priced property tends to sell faster and closer to the asking price.
Location & Accomodation
Several factors influence the success of a property sale. Location remains a critical determinant, as does the type of accommodation your property offers. The condition of your home, including how well it has been maintained or upgraded, can significantly impact its appeal to buyers.
Additionally, the terms of the sale, such as whether your transaction is part of a larger chain, can influence its speed and success.
Benefits of signing a sole mandate
When you sign a sole mandate, you entrust your property to a dedicated team focused on achieving the best results. A sole mandate allows us to provide personalised service, targeted marketing, and a streamlined selling process. Unlike multiple mandates, where efforts can dilute, a sole mandate ensures that your property receives the attention it deserves, leading to a more exclusive and profitable sale.
The benefits are clear - focused marketing efforts, increased budget allocation for your property, and a strategic approach that keeps your goals at the forefront.
List your property right the first time. Here's how
Strategic pricing and timing are essential. Consider listing properties at a market-value price, which can often generate significant buyer interest. Multiple offers lead to competitive bidding, which can drive up the final sale price-sometimes exceeding the initial listing price.
One of our recent success stories involved a property listed at R3.3 million. Due to the competitive interest generated by the strategic listing, the property sold for R3.5 million within two weeks. The first four weeks are critical; a property priced correctly during this period typically sells faster and higher.
John Littlewood, one of our seasoned property practitioners, recommends the following: "Understanding market dynamics is crucial. We advise our sellers to trust the process and not get too emotionally attached to a price. Setting a realistic price from the outset creates a competitive environment that benefits the seller. The key is to make your property stand out during that vital first month on the market."
Whether selling your home or investing in property, trust Homes of Distinction to provide expert guidance at every step.
Are you looking to buy or sell your property? Visit our website https://www.homesofdistinction.co.za/
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https://www.homesofdistinction.co.za/agents/ or pop by our offices for a chat. Our friendly property practitioners are always available to assist.
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Author: Bryce Anderson
