Setting Your Asking Price

Pricing your property is a balancing act, on the one hand, you want to set an asking price that will ensure you gain maximum buyer interest and on the other hand you don’t want to price your property too high that you receive no offers.

Before you launch your property online and start your campaign it is vital that your asking price will influence buyers.

Here we look at 3 different ways we tend to price a property:

The Owner of the property will look at what the property cost, what has been spent in the time of ownership and what they feel they need in order to be able to make the move happen.

The Agent will use their knowledge of the market and online data. This will include recent sales, current demand and similar properties currently for sale. Area profiles and average days on market may also be considered by the agent.

The Buyer inspects on average about 15 properties before buying. They may discuss price with their family, friends and work colleagues. They have usually studied the market for some time.

A property can be listed with a single price, a price range or no price at all.

Case studies show that if a property can attract a larger number of buyers in a condensed period of time, a higher price can be achieved. The bottom line is a realistic approach and a strategic plan usually gets the best results.

By Wayne Ballard

Wayne Ballard
Licensed Sales Agent
e. wayne@thepropertymarket.com.au 
t. 02 4353 8712
m. 0417 440 088