Do you have very few onlookers on your property for sale? Has it been up in the market for more than six weeks and you have not received any offer yet? Are you wondering why the competitors in your area sell theirs like hotcakes? These are just some of the signs that you have set a wrong pricing for your home.
What Are The Factors You Should Consider When Pricing Your Home
Learn the common factors that directly affect the setting of prices on residential properties. Here are five of them.
- Location and neighborhood. The place where your house is located and the type of community it belongs to are huge considerations during the process of pricing a home. If it is found in the center of the metro where housing alternatives are quite in demand or if it is situated in a posh subdivision with elite neighborhood, it’s only reasonable to keep the price high. Just like in a condominium environment, units with spectacular views translate to better value therefore higher prices.
- Condition of the residence. This basically pertains to the age and current state of the residence in terms of maintenance. How old is the structure? Are the electrical wirings updated? Has there been a recent upgrade done to make it look better or bigger? Do you need to do some minor repairs on the roof, floor or drainage system?
- Features and amenities. What are the distinct features of your residence? Does it have an outdoor pool? A two- or three- car garage? Top-of-the-line kitchen appliances? Luxurious bathroom or a deluxe master suite? In the case of condos for sale, does your Manila condominium have the desirable amenities that are popular in the marketplace? It is important to identify the outstanding qualities that can attract the most number of your targeted buyers.
- Size. Another element to think about is the square footage of your house and lot. Start by checking the cost per square foot within your vicinity. Use it as leverage when you do your calculations.
- Timing. There are instances when you’ll also have to take note which months are best to put it up on the market. For instance, if you’re within walking distance to a top educational institution, it’s only practical to offer it a month or two before the school year starts. In this way, you can easily target families with kids or teens who would want to transfer to your area.