The primary difference between simply "being listed" and actually "selling" lies in the sale price. Therefore, it's crucial to determine the correct price before putting the property on the market and to continuously analyze the competition to adjust the price as needed.
Errors in Determining the Sale Price
- Basing the price on neighbors' properties that have NOT sold
- Trying to recover money spent on renovations
- Setting the price based on personal financial needs
- Attempting to sell without motivation or need, making it difficult to compete with owners who have a real need to sell
- Starting with a high price to "test" the market and lowering the price later
7 Strategies for Determining the Correct Price
- Use properties that sold in the last 3 months (up to 6 months if necessary) to determine the average sale price within your building or community.
- Analyze available properties in your building or community to position your property as the #1 option on the market.
- Consider renovations as added value as long as you do not try to recover the full cost.
- Be aggressive with the price, starting with a very attractive price to create competition among buyers and receive multiple offers to negotiate.
- The market never allows you to "give away" your unit. If you're well below the real price, buyers will offer above the list price. Remember, you are not obligated to accept any offer.
- Consider the days on market (DOM) of similar units before they sold.
- When in doubt, hire a professional appraiser to determine the accurate value of your property.
Enrique Vicente Urdaneta
Real Estate Advisor | eXp Realty | EVU Luxury Homes
305.209.6418
www.instagram.com/evuluxuryhomes
Disclaimer: The information presented in this article is intended to provide a general understanding of the topic. However, please note that I am a real estate agent, not a lawyer, accountant, tax, or financial advisor. This content should not be taken as legal, tax, accounting, or financial advice. The laws and regulations related to this topic can be complex and may change or expand in the future. Therefore, it is crucial to consult with a qualified professional, such as a specialized financial or tax advisor, before making any decision based on this information. As a real estate agent, I can provide various options and professional guidance related to the real estate aspects of your investment strategy, and for matters related to tax implications, legal issues, and financial planning, please consult with the appropriate professionals, which whom I have allies I can refer.
