Fixing the Price of the Property
Place, Demand and Economy
In order to find out the actual market value of your property, it is important for you to find a professional and impartial evaluator. An expert evaluator has the relevant experience and knowledge to find out the latest values of the properties in a particular area and how many properties have been sold without having any ulterior motive to gain financially from your properly. Based on the price of the properties in your locality, you can more or less find out the approximate cost of your property that your real estate agent would tell you. It is important for your agent to know the approximate costs of properties like yours in the market. By use of Comparative Market Analysis the agent will show you how they arrived at the price. The market conditions should be one of the factors for evaluation along with other different types of factors that will affect the Singapore economy. A change in the economy will lead to change in the market and this will cause changes in the value of properties. The potential purchaser would know the value of the house and he, too, would want to have the best deal.
You should not be surprised to find that the prices arrived by different real estate agents would be different. Make an attempt to find out whether the prices are reasonable. There are real estate agents who would quote a high price in the beginning in order to make you employ him and give him high rate of commission. After bargaining and compromising for months, you will find that your property is being sold for a low price (maybe lesser than the prices quoted by the agent). The appealing factor will reduce in the market due to over-valuation of the property when it was listed. This will result in the losing of potential purchasers.
Seek the right purchaser
After settling on the price for your property, you should think of a plan to attract potential buyers who are serious to buy the property. You will find a number of methods to make the buyers look at your house more than ones but it does not necessarily means that these people will actually purchase your property. If you list a very low price for your property then you will not get much because the buyers that you would draw will have a restricted amount of money only. On the other hand, sticking to the market value would be a better option as the buyers you draw would be able to afford it and they won’t bargain a lot. You get a lot of viewers doesn’t mean that you will get a lot of buyers. It is more significant to look for the quality of the buyers instead of quantity. In case you have a good agent then you can be sure that he will get you the best price for your property.
You need to determine the amount of profit you make by selling your property when you are asked about the selling price. It is important for you to note down the minimum amount at which you will sell the property. Afterwards, deduct all expenses like commissions to the seller’s and buyer’s agents, expenses to enhance the property, marketing expenses, conveyance fees, advertising fees, moving expenses, etc. You can even pay off the mortgage if you wish. In case you are thinking of buying a property in another location then it will involve more expenditure