Advice to sellers: price home correctly for a quick sale

“It seems the most obvious advice - to sell a home quickly, you need to price it fairly and in line with comparative properties in the area,” says Nelio Mendes, marketing manager of IHPC estate agents. 

This three bedroom home in Hout Bay recently sold within a week of IHPC estate agents listing it, at a price of R3,285,000.
A recent sale in Hout Bay is a case in point, where a three bedroom home was sold within one week of listing it, at its full asking price of R3,285,000. 
“While this property has many things going for it, with majestic views of the valley and surrounding mountains, as well as the home itself being a very comfortable low maintenance family residence, the fact that the agent counselled the owners in pricing their home for a quick sale was a huge factor,” said Mendes. 
IHPC also recently sold an apartment in Vredehoek for slightly above the asking price within three days of listing it. Both these sales are indications that once a buyer sees a property he wants, and realises that the price is right, not just for him but fair in terms of the market value of the property, that he will in all likelihood offer the asking price and not automatically try to negotiate down. 
In working out a market value for a home, the agent will compile a comparative market analysis, where the current sales listings are compared with those that have sold in the last six months to a year and take into account what the owner wants for his home. It is important to compare like with like, and then also allow for intangible value adds such as views, proximity to a beach or green belt, or that it is in a quiet cul de sac, said Mendes.
Other things that will affect the value of a home is whether it has recently been renovated, whether the finishes are above average and whether power saving or eco friendly systems have been installed to benefit the owners of the property, etc., he said.
“Sellers must resist the urge to ask for that little extra for their property, which could result in overpricing it. If a property is overpriced, it will stay on the market with little or no interest for a protracted period and a stigma is then attached to it. While it is understandable that sellers want to get the best possible price for their property, overpricing it or pricing it out of the market may well not assist in selling the property at all.
“Buyers nowadays are incredibly astute in that they are aware of the property prices and values in their area of choice. They will do a lot of their own research before looking for a home to buy, and they will in many cases know exactly what they should pay for something before viewing a property,” said Mendes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
    • 15 Feb 2018
      While most homeowners will take the agent’s commission into consideration when they are trying to determine what the will get out from the sale of their property, many often forget to factor in the other costs involved in a home sale, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      The forecast for the national rental market in 2018 remains a mixed bag of good news and bad news. Although rentals are expected to rise slowly as the challenges of home affordability and tighter lending criteria tighten their grip, it’s a double-edged sword as the market also will come under increasing pressure from factors like declining disposable income levels.
    • 14 Feb 2018
      While you may not have intended to place your home on the market, what do you do if you receive an unexpected offer on your home? In areas where demand outweighs the current supply of homes available to buyers, it is not unheard of to have buyers make offers on homes that aren’t on the market, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      If you are looking to sell your home this year, Debbie Justus-Ferns, divisional manager of Renprop Residential Sales, says that there are five crucial things to do before the ‘for sale’ sign goes up.
    • 01 Feb 2018
      February is the month of love and to celebrate we will be posting about all the things we love this month. Follow the #MyPropertyLoves hashtag to keep up with our favourite things.
    • 01 Feb 2018
      After saving up and months of searching for the right home, applying for a bond and patiently waiting for the keys to the front door, it is finally time to cross the threshold and move into your new home. Now what?
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us