Selling your home is an exciting yet complex process, and one of the most critical decisions you’ll face is setting the right asking price. Striking the perfect balance between your expectations and what buyers are willing to pay can be tricky. So, how do you set a price that attracts the right buyers while still achieving your goals?
Why Getting the Price Right Matters
The asking price you choose can have a significant impact on your home’s sale success. If your price is too high, your property may stay on the market longer than expected. As Melbourne agent John Costanzo explains, “Once you’ve exhausted your marketing campaign and haven’t sold, the longer it sits, the harder it becomes. Six weeks from now, you could be looking at reducing your price because buyers may perceive the property as overpriced.”
On the flip side, underpricing your property can send the wrong message to potential buyers, and it’s also important to be mindful of legal restrictions around underquoting. The goal is to set a price that attracts the most buyers, fosters competition, and reflects fair market value.
How to Find the Right Price for Your Home
To strike the right balance, it’s important to assess your property from a buyer’s perspective. Ask yourself some key questions:
- Is your property in a desirable location, or does it have any drawbacks?
- Is it move-in ready, or does it require work?
- Has the presentation been maximised, or are there areas that could use some attention?
Being honest with yourself about these factors will help you avoid setting an unrealistic price. Additionally, reviewing recent sales of comparable properties in your area will provide valuable insight into what price range is reasonable—something savvy buyers will be researching as well.
At Motion Property, we’re experts at helping homeowners like you price your property strategically to achieve the best sale outcome. Want to discuss your options? Get in touch with us today!
