Pricing your property is an important strategy to plan when thinking of selling or leasing in the fastest timeframe, here's a few pointers:
Properties that have been on the market for too long , are often found to be over priced.
If a property has been on the market for more than 30 days (for lease)/ 3 months (for sale) , the price is either to high, or the property has what we call 'bad apples'. Bad apple properties usually have problems like outdated fixtures, awkward designs, and are badly positioned. Privately Renting/Selling a property can also cause a property to stand on the market for longer than usual, as private sellers/landlords don't have access to the latest technologies which real estate agencies use to effectively market property. So in essence, private sellers/landlords compete with estate agencies who have tons more experience in making sure their adverts are seen over anyone else's. Certain buyers and sellers prefer to use agencies as they know their rights will be protected.
Over supply is a large factor affecting the price of your property. Owning a property near a large development, an iether detract from your market price ( if supply is high ) or it can increase your property value if you are not competing in the same price range.
Contact us to get some free advise or a free evaluation on your property!