If you’re planning on putting your home up for sale privately, we understand that one of the trickiest parts is deciding on an asking price. It’s crucial to get the pricing correct. If a home offers fair market value, it will sell much quicker that one which is priced too high. Also, you want to avoid being left short-changed by selling your home for too little.
Before settling on a price, it’s important to do your research and get to know the local market inside out first.
Pull comparable listings and sales
Look at every similar home that’s been listed or sold in the same neighborhood as your home over the last three months. Keep your search radius limited to within 0.5km and 1km, and only compare homes of a similar age and with a similar square meterage.
Check out the sold comparisons
Now compare the original list prices to the final sale prices in order to determine if there have been any price reductions. In a seller’s market, it is common for homes to sell for more than 100% of the list price. However, in a buyer’s market, they generally sell for the list price or less.
Withdrawn or expired listings
Pull the history for any expired or withdrawn listings, and look for patterns as to why these homes didn’t sell. Note down any common factors they may share.
There is nothing stopping you from viewing similar homes that are currently listed in your area. By touring these homes, you can see what a prospective buyer will see when they visit. Take down notes of what you like and what you dislike. Put yourself in a buyer’s shoes and ask yourself why a buyer would prefer your home. Once you’ve answered this question, adjust your price accordingly.
Alternatively, we can do the legwork for you and save you a lot of time with our FREE evaluation. When listing your home with Simply Online, you’ll receive a personalised ‘Comparative Analysis’ report. This report is compiled by pulling data from various third-party sources and includes:
- A guide price for your home
- Suburb trends
- A breakdown of recent properties sold nearby
- Recommendations to help you get to a final figure
For your free property evaluation go to simplyonline.co.za.