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Monday Nov 04, 2013

'Price your property right to sell within a reasonable time'

People who want to sell their homes within a reasonable amount of time and for the best possible price need to ensure their price is market-related from the start.

Annie van den Berg, of RE/MAX Wildlife Properties, says one of the biggest mistakes sellers make is setting the price of their home outside market-related values.

'Unfortunately many sellers have unrealistic expectations when it comes to setting a price for their property due to their emotional attachment to their homes. However, buyers don't have the same view of the property and will instead be looking at the location and features. Sellers may think inflating the price will give them room for negotiation, but they are actually just pushing potential buyers away and reducing their chances of selling,' says Van den Berg.

'Overpricing makes other homes in the area with similar features look far more appealing. In the buyer's eyes the only thing that separates the two would be the price. In fact, some buyers may not even bother viewing the more expensive home if they think the price is unreasonable. Sellers who overprice their homes make correctly priced properties look like bargains.'

Adrian Goslett, chief executive of RE/MAX of Southern Africa, says statistics show that the longer a property is on the market, the wider the gap between the listed and selling price. 'Homes on the market for longer than 24 weeks on average end up selling for 10 percent less than their listing price,' says Goslett.

Van den Berg says experienced estate agents who specialise in an area will be able to provide sellers with data such as the prices of homes that were sold in the area over the past six months. This can be used to provide sellers with a comparative market analysis, which will help them to correctly price their home.

Weekend Argus (Saturday Edition)


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