The Art of Pricing: Strategies for Selling at a Premium

The residential real estate market has been on a rollercoaster ride for the past few years, so setting the right price for your home can make all the difference between a successful sale and a property that sits on the market for months.

Before you start thinking about pricing your home, it's essential to have a clear understanding of the current market conditions. A down market typically means that there are more properties for sale than there are buyers, which can lead to increased competition and downward pressure on prices.

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In a down market, it's crucial to price your home realistically to attract buyers. Overpricing your home can deter potential buyers and leave your property sitting on the market for an extended period, which can result in price reductions and further price decreases.

One of the most effective ways to set the right price for your home in a down market is to look at comparable sales in your area. We create a Comparable Market Analysis to look at recent sales that are similar to your property to find the right advertising price.

You also need to be realistic about the condition of your home. Properties that are move-in ready and require minimal renovations or repairs often have the advantage right now. A great example of this is one that we have recently sold -  7 Serpent Road, Flat Bush. There was enough information for us to gauge the right for this property, hence we went with an Asking Price rather than auction as a sales method.

Within just four weeks, an offer was obtained. Our clients were willing to meet the market with negotiations, leading to a successful sale within a relatively short period of time. While auction certainly is the most preferred method with most agents, this shows that it’s important to choose the right strategy depending on your type of property and the current market conditions.