Setting the right price when selling your home

The real estate market is highly dynamic, and the final sale price of a property is determined by several factors. While the mortgage owed and the cost of purchasing another property are important considerations, they do not solely determine the listing price or the eventual sale price. An experienced real estate agent with local knowledge can provide valuable insights into the current market and research several factors to determine the pricing strategy.  Setting the right price for your property will be one key factor to a successful sale.

To establish a suitable listing price, it is advisable to consult a local agent who possesses extensive knowledge of the area and understands the current market conditions. The agent will conduct thorough research, taking into account several factors that influence the pricing of your home.

Research the comparable properties in your area

One crucial aspect is assessing comparable listings in your vicinity. Researching the current or recently sold properties in your area that share similarities with your own can provide valuable insights. You should consider the listed price and final sale price of these comparable properties to determine a price range for your property.

When selecting comparable properties, factors such as size, number of bedrooms, bathrooms, living spaces, parking facilities, additions, and inclusions should be taken into consideration. Additionally, consider the age of the property, as well as any potential improvements or renovations that have been made, as they can impact the price estimate.

Research about withdrawn listings

Examining withdrawn listings can also offer valuable information. These withdrawn sales provide an indication of properties that did not sell and can reveal whether they were on the market for the right price or faced other challenges. By analysing such cases, you can expand the range of pricing considerations for your property.

Calculate and compare

Once you have gathered all the relevant data on comparable sales in your area, you can consolidate the information to calculate the average listing and final sale prices. By comparing these figures, you can approximate the value of your home. However, for a more accurate estimation, it is recommended to consult a local agent for a sales appraisal or consider investing in a professional property valuation.

In summary, pricing your home requires a comprehensive understanding of the local market dynamics. While factors like your mortgage and personal needs are important, consulting a knowledgeable agent and conducting research on comparable listings and withdrawn sales will provide valuable insights for determining a suitable listing price.

If you want to make sure you’re getting the best outcome for your property, get in touch with our team now and let us help you navigate the market to get the best price for you.  Undertaking these research activities yourself is useful - RealWay's team of agents are experts at this and have additional property insight based upon their cumulative experience.