Overpricing has been one of the biggest banes plaguing the property market over the last few months and virtually all experts have cautioned sellers against it.
Here we will attempt to highlight the importance of correct pricing, the reasons for and expected consequences of overpricing, the steps for setting the price and the role of the agent in the pricing process.
1. Why is pricing important?
This is probably the most important factor in a successful sale. Pricing your home correctly is essential in achieving the highest selling price in the shortest period of time. Your property has to be priced at a level that is competitive with other similar properties on the market, creating an impression of good value.
Correct pricing increases advertising response, stimulates buyer interest, compensates for property shortfalls and provides the seller with a negotiating advantage. By overpricing your property, you will attract buyers in a higher price range with higher expectations, leaving you with no realistic chance of selling your property.
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