Buying and selling a property can be frustrating at times, especially if you’re doing it for the first time. There are multiple factors and elements that affect property value. In one of our previous blogs, we shared the best tips for first-time home sellers but in this particular piece, we will discuss how to correctly price your home to sell.
How To Price Your Home To Sell
From job relocation to a noisy neighbourhood to immigration—there are dozens of reasons why people change their homes. Sometimes, changing homes might entail selling your property and that process can be daunting. Please remember that there isn’t a definitive timeline for selling a house. It could take a little longer than expected because, at the end of the day, you want the best price for your property. While there are few things you can do if your house is not selling, problems may persist. In such a situation, the first thing you need to do is check if your house has been priced correctly.
The longer your house stays on the market, the lower are its chances of selling at your desired price. But there are a few things that can help you correctly price your home to sell.
- Consider recently sold properties with similar attributes
- Check if it’s a buyer’s market or seller’s market
- Ask your realtor
- Test the waters
Now let’s take a detailed look at all these points that will help in determining the selling price of a house.
Consider Recently Sold Properties
Similar or comparable properties are those that are the same in size, condition, attributes and neighbourhood. For example, a 10 marla house in DHA Lahore will not be priced the same as a 10 marla house in LDA Avenue Lahore. One needs to do their research about houses that are sold recently in their block or neighbourhood to get a rough idea about the asking price and selling price of similar homes.
The research will only give you the idea of the average price of sold homes but you will have to determine the price of your house based on the condition, repairs, finishing and other factors involved in setting the price. Make sure that the price is not very high from the average price range and it is realistic to attract buyers.
Check If The Market Favours Buyers Or Sellers
You will know that it is a seller’s market when there is a shortage of houses or the buyers have potential to buy a house. In this case, sellers have the benefit to ask for a better price because the probability of earning gains is relatively higher.
In a buyer’s market, there is a surplus of houses for sale in the market and the number of buyers is low. It is also possible that there is not enough potential in buyers and investors to spend money which may also result in a buyer’s market.
The price of a house will obviously be different in both cases and the seller must consider this factor while deciding the price.
Ask Your Realtor
If you are selling a house for the first time, you may not be able to decide the price as accurately as an expert realtor could do. It is always best to hire an expert such as Zameen.com to help you in selling a house because of their customer base and sales experience. A realtor has a better understanding of the market than a layman and knows the current trends, which is why they can suggest the right price. Although hiring an expert will be an additional cost but it will definitely be worth it.
Zameen.com is the first and largest property portal in Pakistan that has revolutionized the real estate sector of Pakistan. Founded in 2006, Zameen’s portal connects buyers and sellers online in the most convenient way possible. You can list your property on Zameen.com’s listing page where it will have a reach of over 5 million users of the portal.
Test The Waters
It is always better to ask for a higher price so that there is enough room for negotiation. Some sellers keep the asking price lower just because they need to sell their house urgently and don’t want to negotiate with the buyer. Others may keep the price low in order to attract more and more buyers and sell it to the highest bidder.
If you have set your heart on selling the house, you should put a “for sale” sign outside and test the waters. The response of the customers is one of the best indicators to check if you have set the price right or not. A house that is no longer a good fit for you may be the dream house of someone else and they will be more interested if the price is attractive.
Meanwhile, if you are selling your home in Lahore and looking to buy another house, you can check out investment options in Zameen Opal, Pace Circle Lahore and New Lahore City with promising returns on investment. You can also follow Zameen Blog to learn more about investment options in Lahore and other cities of Pakistan.
