How to Get Your Real Estate Pricing Strategies Right
No matter how great a commodity is, it will sell only if the price is right. You could unknowingly reject your target market if you push the price too high. Customers may think that the product is defective or not worth buying if you rate it too low. Therefore, you need to find a favourable balance.
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Let’s take a look at a few ways you can get the right pricing strategy for a property without understating the asset.
· Use Comparable Sales as a Product Pricing Strategy
A product is worth what somebody is prepared to pay for it in the free market. Hence, if you’re certain a three-bedroom house next to the one you are trying to sell has just sold for $500,000, you can conclude that for your three-bedroom home as well, the price is around $500,000. However, if the house you are planning to sell has a new kitchen or has gotten a new roof, to assess those repairs, you may want to list it a bit higher. It can be efficient to use …