Market Value is that value realized when a product is introduced into the market as a normal sale and is consumed within a reasonable amount of time. Therefore the market value is partly a function of time. The best chance of selling your property is during the first four weeks. Studies show that the longer a property stays on the market the less the seller will net.
Interestingly, your first offer is often the best offer.
It is very important that you price your property at a competitive level at the signing of the marketing agreement. The current market is so competitive that even a few thousand Rand can make a difference. Here are some reasons for pricing your property correctly from the start.
- Minimises offers
- Limits qualified buyers
- Reduces showings
- Reduces agents response
- Limits financing ( Banks do not find value)
- Wastes advertising expenditure
- Creates the impression of good value
- Gives maximum exposure
- Marketing period is minimised
- Least disruption
- Increased advertising response
- Results in shorter turn around time
- Stimulates buyer interest
- Exposure to more buyers during the crucial 3 weeks
Pricing to Sell..
- Improves the marketability of a property
- Price is the most important negotiating factor to seller and buyer
- The negotiated price compensates for the property’s shortfalls
- Price creates interest and interest sells houses
- The initial marketing time is crucial
- Choose your agent on competence not on “promised” price
- Buyers buy on comparison and elimination
- Buyers compare price and value
- Seller maintains the negotiating advantage when price is right
- There is only one chance to make an impression on the buyer
- Don’t eliminate buyers before they look.
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