How to determine fair and accurate listing prices

One of the most crucial aspects of the real estate world is the art of selling. It is a layered, nuanced aspect that often gets taken for granted as an “easy”  step. We look at how sellers can find their ideal listing price and why property practitioners should always be in the best position to give the latest market-related advice to homeowners. Think of this as your comprehensive guide to avoid over and under-pricing and get the results you want! 

Understand how to use the Comparative Marketing Analysis (CMA) to your advantage 

The CMA tool is the cornerstone of any successful sale. With this tool, you can analyse recent sales in neighbourhoods, compare similar properties and gather data about the price ranges. Property practitioners and homeowners can access information on homes sold in different periods to determine the most accurate affordability. When conducting a CMA report, you should consider the following: 

Location: It’s still one of the most important considerations in real estate! Proximity to schools, recreational facilities, commercial areas, leisure centres and more can influence value. 

Average size: The square footage of your home will give you a side-by-side comparison to other homes of the same size. The bigger your plot is, the higher your asking price may be. 

Condition and maintenance: Renovations and home improvements fall under upgrades, which push your listing value up. 

Rooms: Bedrooms and bathrooms fall under the most sought-after essential amenities. Mention en-suite options in your listing. 

Look at market conditions 

Information is everywhere when it comes to property. South Africans should understand the difference between a buyer’s market and a seller’s market before listing a home. A buyer’s market refers to when the demand for homes is low and availability is high. This is when prices are at their lowest. During a seller’s market, available homes are in short supply while demand is high. This is when prices tend to rise. However, during a balanced market, supply and demand are equal, with stable prices to reflect this. Knowing the different stages the market is at will help you price more competitively.

The clock is ticking… 

The duration of time certain homes have been on the market is a great indicator of whether the price needs to be adjusted. This is often a sign that it is overpriced for the current real estate landscape. If your home is genuinely worth the listing price, consider taking it off the market and listing again when the market turns in your favour. You are more likely to receive your asking price this way. Be mindful of the pricing tide and be willing to accept less if you’re in a pinch and absolutely have to sell. 

Get the most out of your listing with good marketing 

Partnering with a fantastic property practitioner is one of the best ways to ensure you get your desired listing price. We are trained to sell and highlight your home’s most important features. Don’t forget to include unique features such as swimming pools, jacuzzis, outdoor entertainment areas, premium walk-in closets, pyjama lounges, stunning views, spacious garages and more. A good marketing write-up will emphasise these aspects of your home, making it seem like the listing price is an absolute bargain! Remember, the goal is to attract buyers while maximising your return, and if you’ve spent time and money keeping your home in an enviable condition, you deserve to be rewarded for it! 

Enjoy the process 

Selling your home is a heartfelt moment in one’s life, which should be cherished and looked back on with fond memories. Leave the negotiations and careful analysis to us! List your property with a REALGLEN Properties agent today and begin your journey towards a fulfilling sale and a new dream home. By approaching your pricing correctly, your home is positioned for a successful sale, aligning with your goals and reaching its full market potential.