The difference between “being for sale” and “managing to sell” lies mainly in the sales price. Therefore, it is essential that the correct price is determined before placing the property on the market and that the competition is constantly analyzed to be able to adjust the price when necessary.
ERRORS WHEN DETERMINING THE SALE PRICE?
- Based on the properties of neighbors who have NOT managed to sell.
- Try to recover the money invested in renovations.
- Based on personal financial need.
- Trying to sell without motivation or need, which makes it difficult to compete with owners who have a real need to sell.
- Start with a high price to “test” the market and lower the price in the future.
7 STRATEGIES TO DETERMINE THE CORRECT PRICE
- Use properties that sold in the last 3 months (up to 6 months if necessary) to determine the average sales price within your building or community.
- Analyze the available properties in your building or community to position your property as the #1 option on the market.
- Renovations are considered an added value as long as you do not try to recover the cost.
- Be aggressive in the price, start with a very attractive price in order to create competition between buyers and have several offers to negotiate.
- The market never allows you to “give away” your unit. If you are too low on the actual price, buyers will bid above the list price. Remember that you are not obligated to accept any offer.
- Take into account the days that these units were on the market before being sold (DOM-days on market).
- When in doubt, hire the services of a professional appraiser.
