About Our Company

About Our CompanyDominica Properties Real Estate Limited is a highly motivated Real Estate Company managed by energetic and vibrant professionals. An intense desire to please our customers, coupled with being quick movers for sale of properties, captures the essence of our very being... Read More

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Address: P.O. Box 1063
GPO Roseau
Commonwealth of Dominica

Telephone: (767) 276-4472
Fax: (767) 448-5559

Email: dominica_properties@live.com

Pricing Your Home

Getting Best Price for Your Home

it's all About Getting The Best Price for Your Property

The single biggest issue on most property owners’ minds when selling their home is how to get the highest sale price. But there is an art to pricing a property for sale. If it is priced too high, it can scare away potential buyers, and remain on the market for months. However, if the price is set too low, it can look like a problem property. Both can be create a real crisis for property that you need to get sold quickly.

Pricing a home is an imperfect science to begin with, and market factors along with the skill of the person responsible for negotiating your property’s price can cause vast price variations.

Once you have decided to sell your property, setting your asking price is one of the most crucial steps and decision in selling that property. Depending on the awareness of the buyer about your property, price is often the first thing he or she sees, and many properties are discarded by prospective buyers as not being in a reasonable price range before they’re even put on the market.

The Different Options For Pricing Your Property at Market Value:

Setting a listing price below the market value.

The benefit is you will have a very competitive price and likely will sell it quicker and not have to offer further discounts. The negative is you may be leaving money on the table and could have sold it for more. If you are motivated to have a quicker sale and want to minimize making monthly payments on the home then this may be an appropriate strategy. It may also make sense in a buyer’s market because it will make your home more competitive. The further below market value you go the more these pros and cons become true.

Pricing it at market value.

This is a safer bet and you are likely adding just a little for negotiations. (Your real estate agent can tell you the typical discount from list price to sales price in your market). You aren’t trying to be too greedy by listing it too high and are still trying to be somewhat competitive. This is the middle ground approach.

Pricing it higher then market value.

The benefit is earning more money. The risk is you have overpriced your house. It can take longer to sell which means more mortgage payments and more expenses. When a house comes on the market there is an initial surge of buyers who take a look. If a home is overpriced you risk loosing the benefits of the surge. If you then have to lower the price the market may start perceiving you as being more motivated and start driving your price down even further. The higher you list above the market value the more you risk having to eventually discount the house below the market value.

There is a Downside to Overpricing Your Property;

Over Pricing Your House

Can You Guess What Happens When You Overprice Your Property?

  • If your house is overpriced, agents are going to show similar homes that are priced more attractively. Your listing will get passed over.
  • Don’t overprice. If you do, it may become necessary to drop the price, often below market value, to compete with new, competitively priced listings. Once you start lowering the price, other agents and astute buyers wait for further price reductions which further reduces interest and momentum.
  • The most common mistake sellers make in overpricing is to use other ‘Listed Prices’ of properties to determine their sales price. A listed price is not the market value of a home. It is the ‘asking’ price of another seller and may have no relation to the actual market value.