How to Sell Your Home Fast Part 2
Part 2 Pricing your house
- Don’t ask for too much.Everybody seems to value their own property above the market value. If you want a quick sale, you should be realistic. This is the most important factor when selling any property. If the price is above market value then it will not sell. Try not listening to rumours about what another seller sold theirs for or even pay too much attention to what other sellers are asking for their property because there are many properties for sale and have been for a long time due to the owner asking for an unrealistic price.
- If your home is on a housing estate (moo baan) then look at what the developers are selling the same size house for, even if your house is fully furnished you can expect the actual sales price to be much less than a new one costs. Get the opinion of a reputable real estate professional who knows the market and see’s the actual sales prices for many similar houses. Be prepared to lower your expectations if you genuinely want to sell. The current market is very competitive due to oversupply of new homes, in order to sell your price should be competitive too.
- Sometimes, a lower-than-expected price on a house can be a good thing. A low price can spark a bidding war, causing the price of the house to go up.A bidding war isn’t guaranteed, but it’s a lot more likely to happen when the price is lower than it is if the price is higher.
- Look at comparables when arriving at a price.Comparables are what other similar houses have been sold for in your neighbourhood. Your agent should be able to provide some examples this will help to gauge what the real price is. However be careful listening to prices other have claimed to achieve as this can be misleading. If you have a 3 bedroom, 3 bath house, ask your agent how much other 3 bed, 3 bath homes in your immediate area sold for to get a good idea of how to price for a quick sale.
- Be scrupulous in arriving at a specific number.What’s your final number actually going to be? There’s a little bit of science and strategy involved in figuring the exact price of the listing. Here are two big things you can keep in mind as you arrive at the magic number:
- Use charm pricing and “under a century” numbers. Instead of choosing to list your house for ฿4,100,000, consider listing it for ฿3,995,000 so that it fits just under the psychologically important round number. You see retail shops and businesses using charm pricing all the time, and for good reason: People favour these numbers because they have the allure of not tipping a certain scale they have in their heads. ฿3,995,000 sounds so much more intriguing than ฿4,000,000 even though they are functionally the same.
Give yourself a timetable for when you’ll lower the price if you don’t get an offer.A lot of the time, homeowners stubbornly cling to a price that’s too high and refuse to move. Then it takes months, sometimes years to produce a sale. Set a date on the calendar, before you price your home, by which time you’ll lower the price if you haven’t gotten a buyer. This will take emotion out of the pricing and help you sell your house faster. Most of your offers will come in the first 2 months if the initial starting price is attractive enough. Listen to what the market is telling you by getting feedback from your agent as to what viewers thought about your property.
Thanks to WikiHow for some of these helpful tips and images.