Selling your Melbourne doesn’t happen overnight. It is a complex process that demands effort, patience, and vigilance. The process begins with you setting a feasible price for your home. For that, you should understand the market value, the quality of your home, and the profits you expect.
Keeping the price high could drive away the potential buyers while setting it too low means you will lose out on the necessary profits. So, you have to be aware of the pricing tactics to have a profitable sale of your home.
In this comprehensive guide, we will take you through the steps you should follow for setting a reasonable price on your house.
1. Compare with similar properties
The best way to get a price estimate of your house is by comparing it with similar properties in the market. Check the other houses that have the same square yards as yours, have the same room number and almost have similar properties. You will get a rough price value that you can put on yours. However, it’s only a starting price that you should note. Depending on the quality, luxury, age, etc., the price could go up or down.
2. Consider the market trends and value
If you are unsure of the price that you have put after checking similar properties, then you can go with the market trends and value. Sometimes the market has a high demand for selling and you can find a buyer who will accept your price readily. However, when the market is down (like during the pandemic), you may have to adjust the price accordingly.
3. Note your property’s unique features
There will be many properties that are similar to yours, and if you want to make it stand out among all, then list down the unique features that your property has. Whether it’s the advanced security features, multiple bathrooms, or ample outside space –highlight these features. They will help you raise the property price and you can attract potential buyers who are interested in all those features. Noting down the unique features is considered one of the price negotiation tips when selling your house.
4. Determine the quality of your home
The age and condition of your home play an important role in deciding the price of your property. Naturally, the price of old buildings is low when compared to new ones as buyer needs to set aside a budget for the maintenance of old properties. New buildings come with upgraded facilities like plumbing, electricity, security, etc. So, you can set the cost high.
5. The property’s location is a major deciding factor
Where your property is located matters a lot in finalising a price on your home. If it’s near all the facilities and amenities like schools, hospitals, public transport, shopping, and movie halls, then you can put a good price on your home. You will attract buyers who want a property that is near to all their daily needs. On the other hand, if your property is in a quiet area or in a serene neighbourhood that is a bit far from the essential needs, then the price varies according to the available features.
6. Take help from an agent
Often, many homeowners fail to put a price as they don’t have enough knowledge of the market dealings. In that case, you can get help from real estate agents or from vendor advocacy in Melbourne. They both help you with the selling process, right from setting a price on your home to advertising in all the possible ways and selling it to a good price. They also help you attract potential buyers who would want to look at your house with a buying interest.
7. Monitor the market and adjust the price accordingly
Always monitor the market value and make sure to follow the market trends properly. If ignored, you will lose an idea of pricing and that may lead you to sell the property at an
incorrect price. It may let you lose the profits that you otherwise be getting. So ensure to follow the market trends and adjust the price accordingly. If you are not sure of the pricing, get help from reliable external resources to set things in gear for you.
Finalising a price on your house should come from thorough research and consideration of the above factors. When you are in a state of apprehension, you can get help from a vendor advocate who can make you follow the right process. Read here the reasons why you need a vendor advocate when selling your house. When you follow the right process and take care of the condition of your home, you can expect a good deal for your home. By getting help from experts, you can confidently go through the process of property selling and will be able to maximise the property value.