There are two steps to pricing your property for the market:
The first is using a Current Market Analysis (CMA) to help you establish an ‘educated estimate’ of the Likely Selling Range within which you can expect your property to sell. It is ‘educated’ because we use facts and figures from recent sales of properties similar in character to yours; it is an ‘estimate’ because no-one (not even real estate consultants) can predict precisely what the final result will be. The final sale price results from negotiations between a willing buyer and a willing seller (you).
Consider the CMA information along with other factors such as what type of market we are currently experiencing, what outside factors may be influencing it and influencing buyers when making their decisions, whether sales values are moving up or down, and then establish the Likely Selling Range for your property.
The second step is selecting the On-the-Market price most likely to attract the most buyers. Before taking this next step, however, you need to decide on the method of sale most suited to your situation; should you take your property to the market With a Price or Without a Price? There are various benefits and details you need to know of the different methods of sale we offer through Harcourts’ leading edge marketing and technology systems, so you can make this decision with confidence.
On-the-Market prices are calculated by again comparing your property to other similar properties, but this time with those currently on the market.
What Market Price will position your property competitively in the marketplace, attract buyers to view it and then prompt them to offer on your property first?
Again, the CMA will assist you by providing you with the critical information you need to make this important decision. And always remember…
“Price is the first window through which a buyer views your property!”
This means you must review your On-the-Market price regularly! Market feedback and the quality of buyer response to your property, will tell you if and when you need to adjust this Market Price to remain competitive and attract quality buyers.
Note that in a constantly changing market this may need to occur more than once.