#Real Estate: Be careful when selling your home

Get the right price and do it from the start.

The best way to create interest in your home that leads to a sale is to price the property correctly when it comes on the market.

You only have one chance to market your home for the first time. Time and time again, the first four to eight weeks is when you get the best results for a successful sale or lease.

You can never resume this time; so think carefully about the asking price and determine how serious you are about selling or renting.

But why, you might wonder, does the first month or two get the best results?

It is quite difficult to determine exactly why this is the case, but it has to do with buying psychology and windows of opportunity more than anything else.

Whether true or false, if a property, or most properties at least, is on the market for more than three months, the buyer feels that it is becoming obsolete, that no one else is buying it. love and that there must be something wrong with that.

It is very difficult to remove these negative buyer thoughts once they are embedded.

Graham White of local real estate.

A good price reduction can save this situation, but now you may need to start going lower than the initial valuation.

The best way to illustrate this is to give an example, one of hundreds I could lay out of where this happened.

We had a property which we valued at 5.5 million rand, but the owner wanted to try it out at 6 million rand. Of course, it was his right.

After two months of low activity and no pitting, the owner agreed to reduce it to R5.6 million, much closer to the original valuation. Because the property was now exposed to the market and lacked the excitement of re-listing, this price reduction actually had very little effect.

It led to more views, a little more interest – but we were still without results. Two months later, and a more motivated seller, the price was reduced to R5.25 million and we closed a sale at R5.15 million.

The point here, and many agents will testify to this, if the property had been launched at R5.5m at first they would almost certainly have sold at that price or not below
R5.4 million.

Don’t be tempted to add too much fat because you’re “in no rush”. Because when you’re in a rush, you’ll need to be ready to do more than just cut the fat.

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