So let us discuss several key points that will help all the potential property sellers out there while deciding a selling price for their properties:
Less competition? Quote a higher price:
If you are living in a supposedly posh locality with very few houses up for sale, chances are you will certainly get around 10 to 15 percent higher amount than the current market price. Since every deal is based on several rounds of negotiations, you should put a relatively higher price tag on your property in such situations. Also, less competition will tend the negotiations to turn into your favour.
In a hurry to sell your property? Give your house an economical price tag:
Sometimes sellers are in a hurry to encash on their existing properties. Giving a 5 to 10 percent lower price tag to your apartment than the market rate will help you attract more buyers in a relatively short span of time. As people are fond of good bargains, you can expect several bidding offers for your house with an economical price tag.
Understand the market, especially your customers:
Several types of research have concluded that buyers tend to hold on the very first thing that is made available to them about the property. So if a buyer comes across a higher priced apartment, he will immediately start thinking about the amenities being offered for that price. The buyer thinks that the high priced apartment will offer much more luxury. But a lower price tag on your home will ensure many enquiries and a relatively short span of time for the deal to bring to a close.
Timing of Sale:
Timing is one of the major parameters to be considered while putting a price tag on your property. Trends suggest that property selling and buying is slow in the months of winter while it picks up in the spring.
Also, the periodical changes in repo rates by RBI followed by reductions in loan interest rates play a major role in turning people into potential buyers.