Market Analysis Explanation
Category Property News
OVERPRICING ONLY ENSURES A PROTRACTED MARKETING TIME,
BUT NOT A HIGHER END RESULT
THE MARKET DETERMINES THE PRICE OF YOUR HOUSE, NOT UNFOUNDED PROMISES OF AN AGENTOR A WELL MEANING THIRD PARTY! MY ROLE AS PROPERTY PROFESSIONAL IS TO PROIVDE YOU WITH FACTUAL INFORMATION TO ENABLE YOU TO MAKE INFORMED DECISIONS.. writes Russell Potgieter.
The variables that determine the value of a home include: the location, the area, the age of the dwelling, its condition, the architectural style and flow, the size of the land and the dwelling and the facilities it has to offer, the finishes, the condition of the garden, the view and the security of the suburb and the house, to mention the most important. Each of the variables above carries a different subjective and emotional value for the buyer and therefore his perception of value: Market value is the value of your house as seen through the eyes of a prospective buyer who has many properties to choose from.
The analysis is based strictly on homes that can be considered similar to yours, and has been specially prepared for you from our database which is linked to the Deeds Office in Pretoria and is backed by the consultant's intimate understanding, knowledge and experience of your neighbourhood. By carefully studying the comparable property locations, features and the terms under which they were offered, we can develop a clear picture of the potential market for your property.
Also, by looking at similar properties recently sold, we can see what homeowners have actually received over the last few months. This is the acid test that is used by lending institutions to determine their lending risk on your home. By researching the market diligently, we can establish a competitive price and strategy for the marketing of your home.
HOUSES THAT ARE PRICED CORRECTLY IN THE BEGINNING, SELL QUICKLY AND FOR THE MOST MONEY FOR TWO REASONS:
1) The very best qualified buyers of the existing pool held by the agent will see the houses in the first few weeks, and
2) A "new" house on the market creates added interest from qualified buyers in a specific price range.
The Most Important Reason Why a House Does NOT Sell within a reasonable time is:
That the asking price is too high. As a result, it is addressing the wrong market segment.
Author: Russell Potgieter Independent Sales Broker
