Don't sell that house for a high price

 One of the most difficult decisions to arrive at while looking for the right buyer for your property is the value or list price. If done wrong, a number of risks are to be incurred by the seller.

Time

You put your property for sale in the realty market, with the hope that it will quickly spark an interest among prospective buyers, and certainly you want to sell the property before the expiration date of the listings.

When your property first enters the otherwise comparative market, it needs to be appealing and at some price point equal or preferably lesser than the other comparable properties in your neighborhood. If your property is found not to be at a price lower or similar to other similar properties, it might be overlooked, or even worse, be placed by the buyers into the ‘wait and think’ category.

The more the property sits unsold, the more undesirably it is viewed and perceived as though something is wrong with it.

Also, it becomes too costly in terms of the maintenance expense that you will have to incur as long as you do not find the right buyer.

Mortgage payments

For every month that your property remains unsold in the market, you are incurring fixed mortgage expenses. In every single month, when your property is going unsold, you are pouring money into it, the one that you won’t get back. With every penny you add in the price, the rate of negotiation goes low.

When that happens and you look at months passing with no buyers, you end up giving money that you could have gone into buying a new property, only if you kept a well-researched price in the first place.

Competition

With every month that your property sees being unsold, your neighbour’s has come a lot closer to finding the buyer. Out of your and the neighbour’s property, the buyer will opt for that property, which has same amenities and is priced lower than yours.

So how do you decide on the ideal price that will get you the right buyer in no time?

It is simple! By doing the right thing

What is the right thing to do?

The real estate market will not be on your side if you will have to wait for months for selling your property and eventually will favour the one that is being sold at a much lower price.

The only way to ensure that it does not happen is by doing a CMA.

CMA or comparable market analysis is the analysis of all the recently sold properties, which then helps in establishing a price range of the property.