How to Set the Right Price for Your Home?
The selling price of a property is determined by the market, not by the seller or the real estate agent.
"How to Set the Right Price for Your Home?"
The selling price of a property is determined by the market, not by the seller or the real estate agent. Setting a fair price right from the start is crucial to make your home appealing and generate interest. This ensures you don't deter potential buyers and take advantage of the initial momentum properties get at the beginning of their sale. Asking too much for your home is a common tactic that offers no real benefits, especially in current times.
At VentoCasa, we will help you establish a fair and attractive selling price based on the information we gather from the market.
What Determines a Home's Value?
To set the purchase price of a home, the following variables must be considered:
The area and location of the property.
Its current condition and features.
Market supply and demand.
The purchasing power and financing capacity of society.
Competition.
Proximity and quality of public services (transport, hospitals, educational centers, green areas, views, etc.).
What Does NOT Determine a Home's Value?
When setting the sale price of a home, you should not consider:
Personal feelings or memories associated with the home.
The remaining balance of your mortgage.
The amount spent on home improvements and renovations.
The cost of the new home you wish to purchase.
Comments from family or friends about sale prices.
The Risks of Overpricing Your Home
Generally, the best offers for purchasing a home are received within the first 30 days of listing. Setting a very high sale price can inadvertently help other sellers by demonstrating that their property is a better deal. It's important to remember that buyers typically don't visit homes priced beyond their means. So, even if you plan to negotiate and lower the price later, without visits, negotiation is impossible. This underscores the importance of setting a fair price from the beginning of the sale.
Moreover, even if there were an offer for your home at a high price, banks are informed about the market and might decide not to grant a loan to the buyer, leading to a necessary price reduction.