Setting the right price for your property can be challenging and emotional, especially if there’s a gap between your expectations and the advice from your agent. Price too high, and your home could linger on the market; price too low, and you may not achieve its full value. Here are six strategies to help you stress test your agent’s recommendation and find a realistic price.
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Examine Comparative Sales and Expired Listings
Ask your agent for a competitive market analysis of similar homes sold locally in the past three months. Reviewing expired listings can also give insight into why certain properties failed to sell, helping you avoid similar pitfalls. -
Do Your Own Market Research
Check local listings within 3km of your home and assess properties with similar square footage, bedroom count, parking, and features. Attend open inspections to understand how these properties compare to yours in condition, presentation, and pricing strategy. -
Understand Current Market Conditions
Ask your agent whether it’s a buyer’s or seller’s market. A good agent should back up their opinion with evidence, giving you an idea of how competitive your pricing needs to be. -
Set a Popular Price Point
Choose an asking price that aligns with popular search ranges on property websites like Allhomes and Realestate.com.au. Avoid price banding by positioning yourself strategically, either just below or above competing properties, to capture more interest. -
Be Willing to Adjust
If there’s no buyer interest in the first few weeks, consider lowering the price. Properties that stay on the market too long may lose appeal, so a quick price adjustment could prevent it from going stale. -
Consider Buyer Incentives
Discuss incentives with your agent to entice buyers. Offering to cover inspection costs or make minor repairs can make your property more appealing and help close the deal.
By taking these steps, you can set a price that attracts buyers while maximising your property’s potential value.
Next step: Want to know what your home is worth today? Book a free appraisal with the Agent Team.
