What you should know when pricing a property;

• Setting the price of your home will determine how quickly it sells. If it is overpriced it may take a long time to sell because of the large number of properties for sale
• The average selling time for a property is 68 days, compared with 39 days a year ago
• Interest in your home will be at its keenest in the first three weeks of listing. It is very important the price is set correctly during this initial selling period. If your property is in a first-home buyer area, then pricing becomes critical. Even a home overpriced by just $5000 may not sell
• If you obtain three market appraisals from local real estate agents, do not automatically employ the agent who promises the highest price, because it is the buyer who ultimately decides the true market value of your home
• Ask the agents to provide evidence of homes that they have recently sold in your area and the actual selling prices. This will give you an idea of the market value of your property
• If the sales evidence provided by the agent is more than three months old, it may not reflect current market conditions. Property prices could have risen or fallen over this period. To obtain an accurate market valuation, consider using a licensed valuer who will give you an independent appraisal of your property
• Carefully check with agents the marketing plan for the property. It should receive maximum exposure in the current market to attract the highest number of buyers
• Work with the agent during the marketing process to ensure that the property is available for viewing even during inconvenient times; for example, weekdays
• Be prepared to negotiate on the selling price if you receive a reasonable offer