greenieS
Verified member
Selling a property (apartment or house) is a rather difficult process because it involves time, dedication and specific knowledge in the field.
Among the big problems that real estate owners have is setting the right price, and the mistake that 90% of them make is the overvaluation of the property.
Setting a correct or incorrect price directly affects the sale of a home if it is sold relatively quickly or stays on the market for a long time.
1. INCORRECT PRICE SET FOR PERSONAL CONSIDERATIONS
One reason for the overvaluation is the initial purchase price, whether the property was bought more expensive than it is now on the real estate market, or from various personal conclusions, the owner believes that it is now worth more. And personal investments in the apartment, such as renovation or equipment with various pieces of furniture create the false impression that the apartment should cost much more.
It would be best for those who want to sell a property not to set a price together with friends, or neighbors who claim to have sold at a certain price, and thus by comparison to reach unrealistic amounts.
One of the risks that sellers face is the meeting with an experienced potential buyer, in the final stage of research, documented with all that means prices for that area or type of home. Such a buyer will never pay attention to overvalued real estate.
2. COLLABORATION WITH AN EXPERIENCED REAL ESTATE AGENT
There are real estate agents who will tell you exactly what you want to hear, namely that your property is worth much more than the real market price. Such unprofessional real estate agents meet very often because otherwise they cannot find clients and cannot compete with experienced real estate specialists.
Another risk for sellers is that a buyer who subscribes to several profile sites, learns about the properties in the market. He knows what's on the market and what's new. And an ad that lasts a long time will get his attention and later he will be annoyed and will probably label him as unimportant, will remove him from the list of results or will simply remember him as "the expensive one". Sooner or later, the price will have to adjust to the real market, and it will probably take even a lower price this time to get buyers' attention to get out of the "blacklist of overvalued real estate".
3. LONG TIME FOR SALE
Too much price means a long period of time until the home is sold. Sooner or later you will rethink the price of the property anyway and adjust it to the real market price.
Only, you will encounter another problem, the property that is very much for sale (months or even years) loses its moral value in front of the buyers. And here is the situation when you will have to take it out at a price below the market average.
Among the big problems that real estate owners have is setting the right price, and the mistake that 90% of them make is the overvaluation of the property.
Setting a correct or incorrect price directly affects the sale of a home if it is sold relatively quickly or stays on the market for a long time.
1. INCORRECT PRICE SET FOR PERSONAL CONSIDERATIONS
One reason for the overvaluation is the initial purchase price, whether the property was bought more expensive than it is now on the real estate market, or from various personal conclusions, the owner believes that it is now worth more. And personal investments in the apartment, such as renovation or equipment with various pieces of furniture create the false impression that the apartment should cost much more.
It would be best for those who want to sell a property not to set a price together with friends, or neighbors who claim to have sold at a certain price, and thus by comparison to reach unrealistic amounts.
One of the risks that sellers face is the meeting with an experienced potential buyer, in the final stage of research, documented with all that means prices for that area or type of home. Such a buyer will never pay attention to overvalued real estate.
2. COLLABORATION WITH AN EXPERIENCED REAL ESTATE AGENT
There are real estate agents who will tell you exactly what you want to hear, namely that your property is worth much more than the real market price. Such unprofessional real estate agents meet very often because otherwise they cannot find clients and cannot compete with experienced real estate specialists.
Another risk for sellers is that a buyer who subscribes to several profile sites, learns about the properties in the market. He knows what's on the market and what's new. And an ad that lasts a long time will get his attention and later he will be annoyed and will probably label him as unimportant, will remove him from the list of results or will simply remember him as "the expensive one". Sooner or later, the price will have to adjust to the real market, and it will probably take even a lower price this time to get buyers' attention to get out of the "blacklist of overvalued real estate".
3. LONG TIME FOR SALE
Too much price means a long period of time until the home is sold. Sooner or later you will rethink the price of the property anyway and adjust it to the real market price.
Only, you will encounter another problem, the property that is very much for sale (months or even years) loses its moral value in front of the buyers. And here is the situation when you will have to take it out at a price below the market average.
