Sellers put a high price on their property to get the most out of the sale. However, it is very difficult to sell an exaggerated priced house no matter how hard you try to advertise or market it. There is no buyer who will pay more than the property is worth. In fact, an overpriced property can stay in the market more than expected which is very costly on the seller’s side.
If you are new in the Dubai real estate industry, you should consider new projects by Dubai Properties. For instance, they have some of the most sought after villas for sale in Dubai. Dubai Properties is a trusted developer which has successfully handed over completed projects to their owners. Before putting your money on any investment, it is good to hire an agent from Dubai real estate agencies.
Before you move onto hunting your next property, here are some tips on how to avoid overpricing your property so that you can sell it successfully:
Check out recently sold properties
Before setting the price, you should check out recently sold properties that are comparable to your property. You can gain valuable information by checking how comparable properties are doing in the market. A real estate agent is the best source of accurate and up to date information on comparable properties.
Involve an appraiser
If you want to get more precision than the market analysis from the agent, you can hire an appraiser. This is a professional that will determine the value of your home. However, make sure the agent has experience with homes in your market and neighbourhood. Use the information provided by the appraiser to set the price of your home accordingly.
Market conditions and appreciation
In a normal real estate market, prices go up and down. This is because, in a seller’s market, properties are likely to be overpriced while in a buyer’s market properties are underpriced. So, it depends on where the market is currently sitting on the boom-and-bust curve. It is very difficult to see the peaks and valleys of the curve until they are history. Apart from looking at the market conditions, you should also consider the effects of mortgage interest rates and job market on the economy.
Work with a reliable agent
In a competitive real estate market like Dubai, it can be very challenging to get the right real estate agent. The right agent should be able to guide you through setting a reasonable price. If you ignore the agent’s advice, you can end up overpricing your property.