With the task of selling your home comes the responsibility of determining of the price. Different methods are used to come up with a tentative price, with the most recommended being the Comparative Market Analysis of recent sales for similar properties. This encourages making an informed decision, based on the prevailing market conditions. It is important to ensure that the house is in good condition to support the said price range.
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Different parties have different prices:
- What you are willing to exchange for the property
- What the buyer is willing and able to give
- The value determined by professionals
- The final price for which it will exchange
These definitions are of importance for clarity:
- Value – This is an estimation of the price at which the property should exchange as determined by different valuation methods
- Worth – This is the personal importance of the property to the individual owner(s); Not in monetary terms
- Price – It is the exact amount at which the property will exchange in the transaction
Here are a few tips to guide your decision:
- The price at which you bought the property doesn’t determine its current value
- Not all values from different agents are accurate
- The price is not controlled by its personal worth to you
- A given value after valuation may not translate into the selling price
- The location of the property influences the price
- The prevailing market conditions determine the selling value of the property
Be careful not to exaggerate the figures as this may result in barring the agents from getting potential clients because a higher price would mean taking a longer time to attract buyers. Over valuation also discourages buyers from declaring their interest in the property.
Over valuation also limits financing which may eventually result in reducing the price after a long time, during which potential buyers may have lost interest or acquired different properties.