The difference between “being for sale” and “managing to sell” lies mainly in the sale price. Therefore, it is essential that the correct price is determined before placing the property on the market and that the competition is constantly analyzed in order to adjust the price when necessary.

ERRORS WHEN DETERMINING THE SALE PRICE?

  • Based on neighboring properties that have NOT been able to sell
  • Trying to recover the money invested in remodeling
  • Based on personal financial need
  • Trying to sell without motivation or need, which makes it difficult to compete with owners who have a real need to sell
  • Start high to “test” the market and lower the price in the future

7 STRATEGIES TO DETERMINE THE RIGHT PRICE

  • Use properties that have sold in the last 3 months (up to 6 months if necessary) to determine the average sales price within your building or
  • Analyze the available properties in your building or community to position your property as the #1 option on the market
  • Remodels are considered value added as long as you don’t try to recover the cost
  • Be aggressive on the price, start with a very attractive price in order to create competition among buyers and have several offers to negotiate.
  • The market never allows you to “give away” your unit. If you are way below the actual price, buyers will bid above the list price. Remember that you are not obligated to accept any offer.
  • Take into account the days that these units were on the market before being sold (DOM-days on market).
  • When in doubt, hire the services of a professional appraiser (appraiser).