Prices are determined by buyers and a property is only worth what a buyer will pay. Buyers are aware of similar properties on the market or of recent sales, and once yours goes on the market you’re competing for buyers against other similar properties 'For Sale'.
Ideally, you want to attract as many buyers as possible because the competition created by interested buyers can often deliver you a premium price. As a proud owner it is human nature to rate your own property as better and more valuable than similar properties. However in reality the true market value of your property is what the buyer is willing to pay based on:
- today's market
- today's competition
- today's economic conditions
- the buyer's perception of the state of the market
- location
- you need out of it to purchase another property
- you would like it to sell for
- it’s rateable value
- your neighbour’s property sold for
The Locations Southland team has access to up-to-date property information such as average property prices, demographics, sales activity, current listings and rental returns.
Armed with this, they can help you set the asking price or reserve price of your property. In many instances, your sales consultant may advise marketing without disclosing any price, such as auction or tender. Pricing too high will generally result in few inspections and frustration for all parties involved.