Setting a Sell Price

The advertised (or asking) price is one of the most important considerations you will have to make when selling. A price which is set too high will put buyers off and in fact, may not attract any attention at all, while a price too low may leave you, the seller, short changed. The trick is to set a price which will attract buyers and still achieve the best sale price possible, which means ignoring the following factors...

  • Forget your needs - You might need to clear a minimum of $100,000 for the purchase of your new business but that's not the buyer's concern. So, don't add too much to your asking price because of what you need to walk away with.
  • Don't over price improvements - You may love the $20,000 orange kitchen you installed in your apartment last year, but just because the kitchen is only a year old it doesn't necessarily mean a buyer will pay you an extra $20,000. They may instead be calculating the cost of tearing it out and replacing it with something else, so don't over estimate the cost of improvements when setting an asking price.
  • Keep emotions under control - Don't let the stress of wanting to move quickly lead you to underprice. Selling is bound to be an emotional experience, but it can pay to keep those emotions in check. 

So what does count when trying to set the perfect asking price?
Only one thing. What matters is how you compare with others that are currently on offering in your area and those that have recently sold. In this day and age of the internet, buyers are more informed than ever. They can easily do their homework and determine what is or isn't worth buying.

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