Are you trying to figure out how to make your home, lot or business sell more quickly? As is the case in so many situations, price is a key driver in the process. Pricing your home right and then managing the price, based on activity and feedback from prospective buyers, is a very effective tool.
Selling your property only takes one buyer. One of the key factors in attracting that buyer is the seller’s flexibility manage the price to hit the price point that will generate a sale.
Here are six questions that you should ask in order to manage the price of your home.
1. Has the property been listed for a while with no lookers? Typically you will get the most interest in your property right after it is listed for sale. Buyers are anxious to have the opportunity to be the first to see a new listing. If you are not getting many calls, ask your agent what kind of buyer traffic there is for other listings in the area. If your traffic is lower than the norm for your area, it may be a sign that your price is too high and buyers are waiting for it to be lowered before considering your home, lot, or business.
2. Are you having a lot of lookers but no offers? If you have had high traffic through your property and no offers, make sure that you are receiving plenty of feedback from potential buyers through your agent. Nothing is more helpful than having a good understanding of what buyers think of your listing. A price that is too high often is a cause for buyers not making an offer.
3. Is your listing much older than comparable listings in the area? Know what the average number of days it is taking, under current conditions, to sell a home, lot, or business in your market. If your listing is over the average number of days and you have not had any offers, it is a good time to compare your listing with those that have successfully sold and make sure that your price compares favorably to that of those that have sold. The longer a listing sits on the market, the more likely a buyer is going to wonder if there is something wrong with the property. Lowering the price may be the key to generating more interest and stimulating an offer.
4. Do you have a deadline? It is important to approach selling with a deadline by understanding that it is not how much money you need from the sale that should drive your price. The price should be driven by how much a buyer is willing to spend for a home, lot, or business like yours. When deadline driven, you can generate more interest by pricing your listing at the lower end of the scale in order to appeal to buyers.
5. Are you selling the property “as is” with no upgrades? Maybe you do not have the time or maybe you do not have the money to make upgrades and add to curb appeal. If this is the case, then you need to consider a price lower than others properties that have been updated. The fact is that buyers will expect to pay less for a house, lot, or business that is not as cosmetically appealing and just does not show as well. A price that allows the buyer to see there is room to make the needed updates will help improve the chances of getting and offer.
6.Has the competition changed? As time goes by and you have no offers, make sure that you understand your competition. Ask your agent to provide you with a summary of the details on comparable sales in the area along with a comparison of features and pricing. This will give you guidance on whether or not you need to adjust your price.
The art of selling a house, lot, or business depends on an ongoing analysis of all of the market factors that are making for successful property sales. Your Osa Tropical Property agents are well versed with regard to the real estate market in the southern zone of Costa Rica and can help you manage the successful sale of your house, lot or business.