Most people will face the prospect of selling a property at some point in their lives. It may seem fairly straightforward, but there is one mistake many sellers make in trying to get the highest price they can; overpricing their property.

Counterintuitively, many sellers think it’s best to start off asking for a bit more than they think they can realistically get. Whether they want to sell for a slightly inflated amount, or they believe that adding a margin will allow them to eventually sell for their ideal price, this tactic can backfire — the property can end up selling for less than it is worth.

According to LandMark White (ASX:LMW) State Director for WA, Nathan King, when looking to sell, it is vital to ensure the property is priced correctly for the market, as overpricing will often result in extended selling periods - which is not only frustrating but can make it harder to obtain a healthy end price.

King believes that when looking to sell, it is vital to ensure that the property is priced correctly for the market, as overpricing will often result in extended selling periods — which is not only frustrating but can make it harder to obtain a healthy end price.

“Overpricing your property could mean that it sells for less because it stays on the market for longer. So, by ensuring pricing expectations are realistic from the beginning, this will work towards you getting a fair price for your property in a reasonable time-frame,” King said.

According to King, it’s important to obtain an independent valuation (when selling or buying) that is professional, unbiased and takes the emotion out of the transaction.

Valuing a property in a rapidly changing market - how can you be self-assured you’re valuing your property correctly?

Selling a property in Australia today is a unique challenge, given the widely predicted volatility of the market over the next several years.

Last week, even Prime Minister Scott Morrison spoke of the possibility of a devastating house price crash. 60 Minutes did an investigation into the current situation with the country’s housing market in the same week, further confirming that it is not merely a concerning hypothesis of a few commentators, but a major talking point nationally.

At Morgan & Brooks, we believe every piece of insight helps. That’s why we provide a free personalised property report for you to gain a real understanding of your local market down to an address level. We can search your property’s individual address and provide you with a tailored report to understand property values, recent sales and comparable market estimates. The report also includes what is for sale and rent in the area, and deep dive data on individual properties including features, land size, ownership details and sales history.

What if i’m worried about the value of a property i’m buying?

Unfortunately, it works both ways; it’s just important for buyers to just a vigilant before falling into potentially ‘emotional’ purchases and understand the market the property they are seeking to buy before heading to auctions. Just as the personalised property report can help home-owners, it can also certainly assist purchasers.

Get your personalised property report here or contact our Senior Strategy Manager, Ashleigh, on 1800 801 999 or at ashleigh@morganbrooks.com.au to request yours now.

Courtesy: Adapted from finfeed.com