Selling your home for the right price in Pakistan can be tricky. You need to find the magic number that’s neither too high nor too low. If you demand too much money, your house may not sell for a long time. On the other hand, a low price translates to fewer profits.
So how can you find the right price to sell your house?
That’s exactly what this blog is all about. I’ve compiled tips to help you set the right price tag for your home.
Without wasting any more time, let’s learn how to price your house the right way.
As a homeowner, it’s natural to want to speed up the home-selling process. However, people who are thinking about buying real estate in Pakistan have a lot of options. They can buy flats that are ready to live in or book one in a residential development project.
So how can you make your home more attractive to buyers?
Simple – with the price!
Ideally, you want to quote an amount that enables you to sell your home quickly for a profit. But the price can make or break the deal. To ensure you get the best deal, keep the following tips in mind when putting your house up for sale.
Your home-selling journey relies heavily on keeping track of current real estate market trends. Even though the price of real estate can fluctuate from time to time, staying up to date with the price of properties similar to yours will give you a good idea of what to expect from your home.
Another advantage of studying market trends is it offers you the foresight to highlight the best time of year to sell your home. That way, you have a better chance of attracting buyers and finalizing a sale.
For instance, putting your home on the market during April or May may not be a good time to sell a home in Pakistan. Most families are busy with their children’s final exams. A better time to market your home would be during the summer holidays.
House prices in Pakistan can vary from city to city. For example, a home of the same size can sell for more in Islamabad than one in Hyderabad. Similarly, property within the same city can have varying prices depending on the location. For instance, a house in Clifton, Karachi, is more expensive than one in Paposh Nagar.
But even homes in the same location can experience a similar issue. For instance, two flats in the same building may have different market values. One that is maintained and up to date with modern fixtures will definitely fetch a better price. On the other hand, a flat that is run-down and in desperate need of repair will obviously sell for less.
So when selecting the price of your home, assess the overall condition of your property and look at features that can influence its price.
Whether buying clothes or fruit, every Pakistani expects to get a discount. So yes, rest assured, they will bring that same mindset to the table when they come to buy your home.
Therefore, when you finally decide on a selling price, add on a little more to this amount. You will need to take into consideration additional expenses, such as the brokerage fee, registry fees, etc. Now add on a little more to create a safe margin for negotiations. But make sure to set a suitable amount. At the end of the day, you want to ensure the final price still remains attractive to buyers.
And this brings us to the next important tip – overpricing your home.
Leaving a little wiggle room for negotiations when setting the price is necessary. But overpricing the property is a completely different story. In fact, it’s the biggest mistake you can make when deciding how to price your house.
Yes, we understand your home holds a great deal of sentimental value, and you’ve spent thousands of rupees to upgrade it, but you need to be realistic. Overpricing can make it difficult to sell your home. Or worse, it can cause your home to become labeled as ‘unsellable’. After all, word will spread that you are demanding an exorbitant price and have no real interest in selling the property.
The best and easiest way to determine the actual worth of your home is to ask a professional real estate agent. Since they have looked at various properties in the same locality, they can assess how your home compares to others.
Moreover, they can consider factors such as current market conditions and recent transactions in the same area to help quote a more accurate price of your house.
Much like brokers, online real estate listings are another easy way to keep tabs on the market value of your home. Since these figures are updated regularly, you can check the price of similar properties in your area and compare their features. This will give you a better idea about the worth of your home.
If you’re unable to snag a buyer in about a month or two, you need to consider adjusting your ‘how to price your house’ plan. There are two possible scenarios:
Yes, the truth is a bitter pill to swallow. But you want to sell your home, right?
So you can either adjust the price to lure in more buyers or take the high road by identifying what is turning buyers off and rectifying the situation. However, since this is an added expense, you will need to assess your budget before taking on this project.
By now, you have a better idea of how to price your house and get a good offer.
But I’ll be very honest. The ideal way to get the best offer starts with investing in the right property from the get-go. By investing in real estate with the potential to appreciate within the next few years, you can set yourself up for success.
This is where we come into the picture. Chapal Builders is renowned for developing premium properties with promising returns on investment. So wait no more, get onto the house buying and selling expedition right away,