Pricing Your Property
Impact of Price on Visibility
Pricing plays a pivotal role in determining how appealing a property is to potential buyers. An accurately priced property doesn't just attract more attention—it maximizes visibility and increases the likelihood of a successful sale.
Here's a breakdown of how different pricing strategies influence buyer interest.
Different pricing strategies influence buyer interest:
Finding the right price is essential for maximizing visibility. While overpricing limits the pool of interested buyers, underpricing can generate excitement and drive faster sales. Balancing your pricing strategy with market conditions and buyer behaviour is crucial for achieving your sales goals.
- +15% Over Market Price
Properties priced significantly above market value—by 15% or more—appeal to only about 10% of potential buyers. At this range, most buyers feel the price is unjustified and may bypass the listing entirely. - +10% Over Market Price
Reducing the overpricing to 10% above market value expands the appeal to 30% of potential buyers. While the property may still be considered expensive, some buyers who perceive added value or are willing to negotiate might show interest. - On Market Value
A property priced at market value attracts approximately 60% of potential buyers. This is the sweet spot where the pricing aligns with buyer expectations, striking a balance between perceived value and market competitiveness. - -10% Under Market Value
Pricing slightly below market value—by about 10%—broadens the appeal to 75% of potential buyers. The property is seen as a good deal, often drawing attention from value-conscious buyers and investors. - -15% Under Market Value
When a property is priced 15% below market value, it appeals to as much as 90% of potential buyers. This strategy creates a sense of urgency and competition among buyers, often leading to multiple offers and even bidding wars.
Finding the right price is essential for maximizing visibility. While overpricing limits the pool of interested buyers, underpricing can generate excitement and drive faster sales. Balancing your pricing strategy with market conditions and buyer behaviour is crucial for achieving your sales goals.