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Are you trying hard to sell your house but failing to close the deal? There must be some reason behind this then? If you can guess it, the first and foremost reason for this can be pricey. This is because the buyers think that the value of your house is less than what have you priced it. The economics of buying and selling is quite simple. Anything is only worth what a purchaser is willing to pay and a seller is willing to receive. The process is the same whether it is to sell a pack of cards or a million dollar apartment. Though the process seems very simple, anticipating the magic price is not that easy. In order to arrive at the perfect price of your property, you need to think and act just like a business owner. Just think of the cost, time and energy like a business owner in pricing a product so that they can get success in the market place. And the real estate is no different from it. If you have got enough time to educate yourself about the local market, hire a good property agent and listen to her, you are likely to get closer to the cost you are expecting. But, you can ruin yourself if you do not do your homework and stick to your assumptions about what your house is worth. The worse is yet to arrive. While taking interview of property agents you end up choosing the one who assures you of fetching you the best price compared to other agents. These are the things that create a hindrance to your path to set an exact price of your house. Let us find out some common errors you do as a seller while setting a price.
Cost set depending on need Why you want to sell your house or what you want to make with your selling price means nothing to buyer and the marketplace. So, setting prices based on your needs such as your objective to start a business will basically fail. Cost set depending on ego Just because of your neighbour has sold his house for £132776.91; you want to sell your house with more than that amount irrespective of the market price has dropped by 6 percent since your neighbour’s property selling. Almost every house owner thinks that his property is better than that of property sold on the block or at least better on the market. Well, it can be unfortunate for you because what you think about your property does not carry any weight with the purchasers. It is the opinion of buyers that only matters while selling a property. Cost depending on greed Though you know that your house will likely cost no more than £158067, you insist on listing your property for more than £158067, thinking that there may be someone who has to get it at any cost. Sometimes, when you cannot find a good buyer, you lower the price later. But, there is a problem with it. Till then, the buyer will realise that you are asking for an unrealistic amount and he does not feel like dealing with you unless he gets a good bargain. But, in the process, the price listing longs and at last you set the price that has been long on the market, leading the buyer to think that there is something wrong. And he does not deal with you. The only solution to have buyers is to set the price right. You can get the right price only if you do the Competitive Market Analysis. Once you do it, you can price your property right and get a potential buyer. Author bio Albert Smith is passionate about 3D technologies. He is a freelance architect and a property management consultant in West Palm Beach, Florida. You can find Albert’s articles on many property blogs and article directories. Currently he is writing about the 3D architects for property development. Albert suggests his readers to follow icreate 3D for additional information on architectural animation. You can follow Albert on Google+ and add him to your circle.
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