Prices are determined by clients and a property is only worth what a customer will pay. Customers are aware of similar properties on the market or of recent sales, and once yours goes on the market you’re competing for customers against other similar properties 'For Sale'.
Ideally, you want to attract as many customers as possible because the competition created by interested customers can often deliver you a premium price. As a proud owner it is human nature to rate your own property as better and more valuable than similar properties. However in reality the true market value of your property is what the customer is willing to pay based on:
- today's market
- today's competition
- today's economic conditions
- the customers perception of the state of the market
- location
The market value of your property is not what:
- you need out of it to purchase another property
- you would like it to sell for
- it’s rateable value
- your neighbour’s property sold for
The best strategy is to price your property at the right market value to begin with, so an optimum number of customers will consider your property and a sale can be concluded as quickly as possible.
The Locations Queenstown team has access to up-to-date property information such as average property prices, demographics, sales activity, current listings and rental returns.
Armed with this, they can help you set the asking price or reserve price of your property. In many instances, your sales consultant may advise marketing without disclosing any price, such as auction or tender. Pricing too high will generally result in few inspections and frustration for all parties involved.
