Probably the better question is ‘what is someone willing to pay for your property?’ and getting the pricing right for your property is one of the areas where a good agent can add significant value.

Getting the pricing wrong can result in you losing money or buyers:

• If you overprice a property and it doesn’t sell, you may then significantly reduce the price to create interest. You risk creating the impression that there is something wrong with the property or it is undesirable.
• Conversely, if you price the property too low, you risk selling it undervalue and not achieving the best price, as putting the price up when interest has already been shown only serves to create distrust.

The price at which you should market the property is normally a combination of elements which together will create the best price strategy for your property at the time:

Your motivation when selling

Part of the pricing will reflect your own motivation for selling. If you need to sell quickly to achieve other goals in your life you may price the property more keenly or if you are willing to wait until the right buyer who’s willing to pay the right price comes along you may put the price slightly higher.

Life events such as marriages, births, divorces or the death of a family member, will often be a trigger to move and create a greater urgency.

 

What is the motivation of the person buying

The number of available buyers will impact the actual price you will achieve. If you have multiple buyers interested in your property, you will create competition and desire. A property that someone else also wants instantly becomes more desirable. Where there are multiple buyers and therefore multiple offers, it will create the opportunity to ask each of them to give you their best price.