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Selling your home? Avoid making these pricing mistakes

24 January 2023 | Insights Team

Selling your home can be challenging. It is an emotional process with complex logistics to coordinate, but at the end of the day, your objective is to achieve the best possible return on your investment. So correctly pricing your home and listing it in the right pricing bracket on the portals (like Property24) is key.

Pricing bands – where does your property sit?

Pricing your home correctly can also influence how long it sits on the market before being sold, as buyers are well-informed, with the ability to research online before viewing a property. Buyers too are mindful of what other homes are selling for in your area.

Asking price vs. testing the market price

If a potential buyer sees via the property portal listing that your home has spent considerable time on the market, it could raise red flags. Buyers tend to avoid viewing a home that has sat on the market for an extended period of time, assuming that there must be something wrong with it – even if this is not the case. Alternatively, buyers will opt to make a cheeky offer as they sense the property has not sold, so the seller must be desperate.

So, setting a price higher in order to test the market could cost you viewings and offers, and ultimately a successful sale. Remember, your asking pricing is the first metric a potential buyer will look at.

Do your homework

The second pricing mistake many sellers make is not conducting sufficient research by comparing sales of similar properties in your area. Your Leadhome property practitioner is experienced at selling homes in your neighbourhood and is able to prepare an accurate market-related valuation report for your property. You may also request a comparative market analysis to more accurately inform your decision.

Book a valuation

Would you like to know what your home is worth today? Book your Leadhome home valuation here.

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Leadhome Properties and our high-performance estate agents are your trusted partners in your property journey. We are mandated by you to deliver a successful and transparent property transaction process from Valuation to Sold! at our unbeatable low-fixed-fee value offering. Save thousands when you sell through Leadhome Properties.

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Insights Team

We're the "thinking arm" of Leadhome, combining expertise in data analysis, modelling, sociology, geography, and philosophy to interrogate current trends in the South African residential property market. Proudly contemplative since 2015.

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