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Setting Home Price

By ResidenceBuy India  |  0 comments   |  1657 views  |   Jan 18 2012

Setting the right price is the most important aspect of selling a house successfully. Note that a high price will drive the buyer away and a very low price will result in a financial loss for you.

Here are some key points:  

  • Pretend to be a buyer: Assume the role of a buyer for a few days and evaluate similar properties objectively. As a buyer, do intensive price research for those properties. This is a good first step for pricing your house.  
  • Use price point: Buyers believe in price ranges. Using this information can be very useful for sellers. Pricing your home at Rs. 51 Lakh or Rs. 53 Lakh may draw similar number of buyers. However, pricing it at Rs. 50 Lakh may attract larger number of buyers as this is typical price point for buyers. This will also include buyers who have a psychological upper bound of Rs. 50 Lakh for their purchase.  
  • Use price range: Providing a range gives you more flexibility in negotiation and attracts the attention of numerous buyers who attach different value to your property. To find the range, find out the best price you can expect and the worst price at which you will think twice about selling. We advise you to set the price range within this interval.

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