Choosing a price for your home necessitates taking into account a number of factors. The listed price will have a big impact on how quickly it sells and how much profit you make. As a result, it's a good idea to take your time, think about the following factors, conduct some research on them, talk to a few individuals, and then come up with a final price.
The first step is to calculate and total the money you spent on purchasing and maintaining your home. Even if you're conducting a distress sale, you don't want to lose money. As a result, add up all of your expenses, including the original home purchase price, maintenance fees, remodeling costs, and brokerage fees, among others.
Also, look out your area's Ready Reckoner Rate (RRR) or circle rate. These are the state-mandated minimum property prices below which no sales transactions can take place, so make sure your final price is higher than this.
Compare the final selling price of similar properties in the neighborhood to the listing price. This will provide you with a solid starting point for pricing. Make sure the comparable properties are similar in configuration, kind, and size (1 BHK or 2 BHK, builder floors or high rise, and size in sq ft) to yours, are nearby, and are around the same age as yours (five or eight years old, etc.).
For example, if your home is a 2 BHK apartment in a high-rise housing society, you should not use a 2 BHK unit on a builder level as a similar property, even if it is close by.
Consider the neighborhood, approach area, age of your property, amenities (clubhouse, car parking, etc. ), premium features (modular kitchen, east-facing, top-floor, etc. ), connectivity (is it near the city center or the periphery? ), proximity to employment hubs, and social amenities (are there well-established schools, hospitals, etc. nearby?).
Aside from this, it's a good idea to look at the overall economic condition (is the economy slowing? ), as well as the city-level real estate scenario (how is the residential market doing?).
Perhaps you have grown attached to your home after living there for a while. This may affect your ability to set an objective price for your home. In this instance, it would be useful to think like a buyer and appraise the property value objectively in order to arrive at a reasonable price.
Perhaps you've set your property's price too high and aren't getting the reaction you wanted. In this scenario, after some careful consideration, it is perfectly acceptable to alter the price to match demand.
It's beneficial to be flexible and open to discussions once you've started talking to purchasers. In order to seal a sale, you can try to accommodate a four to six percent price reduction based on your costs.
If you've engaged a real estate broker to help you with the transaction, talk to him about the pricing. Local brokers are familiar with the situation on the ground and can provide you with relevant pricing advice. You might also get a professional property appraisal to help you figure out a price.
DC Properties
Level 5 , Nexus Norwest
4 Columbia Ct, Norwest
NSW 2153, Australia
Phone: 02 8860 9690
Mobile: +61 04 60 60 00 60
