How to Price Your Home or Property for Sale

When your price your home or property for sale, many factors must be taken into account. The asking price has a big impact on how quickly it sells and how much money you make from the sale. It would therefore be wise to take your time, think about the following factors, investigate them, and consult some sources before deciding on final pricing.

The first step is to figure out how much you have spent on purchasing and upkeep of your property. Even if you are holding a distress sale, you do not want to suffer a loss. Therefore, add up your expenses, including the cost of the initial purchase of the property, maintenance fees, remodeling costs, and brokerage, among others. to learn more about the many expenses you should take into account when calculating your return on investment.

Check out the circle rate for your location, also known as the Ready Reckoner Rate (RRR). Make sure your final price is higher than these minimum property prices, which are set by the State government and below which sales transactions cannot occur.

Compare the difference between the asking price and the final selling price of nearby houses. This will provide you with a solid foundation from which to establish the pricing. While doing so, be sure the comparable homes are similar to yours in terms of location, type, and size (1 or 2 bhk, builder floors or high rises, and square footage), are similar in age to your property and all of a similar configuration (four or eight years old, etc.).

For instance, even if it can be close, you shouldn’t use a 2 BHK in a builder floor home as the comparable property if your property is a 2 BHK unit in a high-rise housing society. Given that price trends are always shifting, they should also have been listed within the last two to three months.

• Considering important aspects – Analyze important factors that can affect prices, such as the neighborhood, the approach area, the age of your property, amenities (clubhouse, parking, among others), premium features (modular kitchen, east-facing, top-floor, etc.), connectivity (is it toward the center of the city or the outskirts ), proximity to employment hubs, and social amenities (are reputable schools, hospitals, etc. nearby?

In addition to this, it’s a good idea to research the broader economic environment (is the economy slowing down? ), as well as the local real estate market (how is the residential market doing?). 

• Try to keep feelings out of the situation – Maybe you’ve lived in your home for a while and grown attached to it. This can make it harder for you to fairly price your home. To arrive at a reasonable price, it would be advantageous to approach this situation from the perspective of a buyer and evaluate the property’s value objectively.

• Being adaptable – Maybe you overpriced your house since you weren’t getting the response you were hoping for. In this situation, resetting the price to reflect the demand is perfectly acceptable after due consideration.

It is advantageous to be flexible and open to negotiations once in discussions with buyers. Depending on your cost estimates, you can attempt to accommodate a four to 6% price reduction in order to seal a contract.

• Consult your broker or think about getting a professional evaluation – Consult your real estate broker regarding pricing if you have one on board for the transaction. Local brokers can give you helpful price-setting assistance because they are familiar with the local situation. To determine a price, you can also think about hiring an expert to perform a property appraisal. Click here ( internal linking What is Real Estate Appraisal?) to read more about property appraisal. 

Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.