Setting your asking price right from the start

Attracting the right buyer and a good offer starts with setting your asking price at the right level from the onset. There is nothing worse than having to drop your asking price at a later stage and, regardless of the suburb, city or price category, the fundamentals of pricing remains the same.

The most important starting point, is to take emotion out of the equation, especially insofar as setting your asking price is concerned.

It is best to imagine yourself in the shoes of the buyer and see what the buyer sees when they view your property advert and then the home itself.

Your property is also going to face competition in the market and you would not want to get lost in the haze of overpriced properties.
Do not fall into the trap of using other property listings or what is advertised on the property portals as a guide when determining your selling price expectation.

Part of what a skilled estate agent will do for you, is to provide you with a detailed market analysis which would include a range of information vital to deciding on an appropriate asking price.

The price is usually arrived at by analysing the current market trends in your area, taking into account recent sales as well as all of the aspects of your property. It is vital to use current sales rather than current listings as your guideline.

You do not want your property to be overpriced only to sit on the market for long periods at a time.

These days, buyers have full access to the internet and property portals and they can see exactly what similar properties are listed for. They can also see how much properties are selling for in the area.

By setting your price expectations at the correct market related level, you can leave some room for negotiation.

Remember, you do not need to take the first offer that comes along unless you need to sell urgently or your agent advises that it is a good offer that should not be turned down.