How much is your property really worth?
Many fail at this question because they believe that the price can be lowered later...
If someone wants to buy a property, he will certainly compare different properties with each other. In addition to the location and condition of the property, the price plays a decisive role. After all, a buyer wants to get the best possible value for their money.
Of course, this does not mean for you as a seller that you should offer your property too low; but it shows you that knowing the fair market price is a necessary requirement for your property sale.
You should know the market value of your property
It doesn't matter what the market situation is; every seller should seek advice about the value of their property from reliable sources. You can, for example, hire an appraiser to do this. Or you ask a professional real estate agent who observes the current market very closely. Only with this information are you able to set a purchase price that does not significantly exceed the maximum achievable price.
Knowing this price has another advantage for you: You will be able to assess the offers of the various interested parties much better.
You will also notice that with the right market price you significantly increase the quality of prospects. This is because prospective buyers' expectations align better with what your property has to offer. In the best case, this can even lead to competition among interested parties and that's good for you!
What not to do
Admittedly, it is not easy to set a realistically achievable price. However, this does not mean that you can simply call up a price that you would like because you may need this sum for your follow-up financing. The market isn't interested in how much money you'll need in the future, even though many would like it to be.
Other sellers listen to their neighbors when setting prices because they may have heard from third parties what the market is currently selling for. All of this is highly speculative and if you do so your sale will take on the character of a gamble. I don't think that's in your interest.
Watch the market
Even if you have commissioned an appraisal, you should not base the purchase price on it alone. Instead, you should include comparable properties in your region in your calculation. When making this comparison, make sure that various factors match. These include: property type, living space, lot size, year built, condition, to name just a few.
This is of course time-consuming, but absolutely necessary. We, as professional real estate agents, can help you with this work because we constantly monitor the entire real estate market in the region. We have an excellent overview and if you contact us, we can show you the price development of comparable properties in detail.
Plan your sale
When you do a comparative analysis (or use ours), it's best to also consider how long the property has been on the market. Some properties sell within a few weeks, while others remain on the market for months. Depending on how quickly you want or need to sell your property, you need to take this into account when setting the price.
Ask a real estate agent for advice
In any case, you should consult with a real estate agent when determining the purchase price. You are of course completely free in setting the price; nevertheless, it is advisable to set the purchase price at, or at least close to, the fair market price of the property.
As real estate agents, we have valuable experience that you can benefit from. Together with you, we will work out a purchase price that both you and potential buyers can identify with. We are at your side throughout the project to ensure that your sale is a complete success. It is best to call us directly so that no valuable time is lost.