6 Rules To Follow While Pricing Your Home For Sale

Deciding to sell your home is a major decision that takes some thinking so that the gains from it are maximum, but the decision that follows it proves to be an even harder one. The pricing of your resale apartment in India is a confusing debate where your real estate agent might say one thing, your head the other and the market trends indicate something completely different. Here are six rules you need to follow to put a perfect price tag for your home:

1. Price is the first impression

Before taking the step to put your home on sale, remember that the price of a residential project in India is the first impressions, and sometimes can be the last. A very high price can make the buyers turn their heads instantly, while a lower price can raise skepticism about your place. You need to keep the number in a bracket that is neither too high nor too low, but just the proper evaluation of the home according to you or your agent.

2. Compare with similar projects

It is a great idea to make comparisons with projects that fall under the same category as your home, depending on the number of rooms, year of construction, condition of the flat, etc. Even the locality matters while comparing, for example a 1bhk in New Delhi will have a different price when compared to a 1bhk in Mumbai. Sometimes the price varies in the same city too because of several factors; for instance, an airport or a shopping mall or a hospital in the vicinity.

3. Check what all affects the price

If you are selling a fully furnished flat, the price will obviously vary compared to a non-furnished one. Therefore, addition of modern amenities like a modular kitchen, designer furniture, expensive flooring, use of fancy emulsions, etc can help you increase the price a little bit, compared to other properties of similar value. There is no need to overdo it though, because people might not be impressed with it and you might just suffer a loss due to all those investments.

4. Research the market history

It would be of great help to you if you know what sells and what does not by researching the market history. You can learn which homes were sold immediately and the reasons behind it.  You can read about what minor changes helped someone sell a flat after it was left unsold for a season, and put this knowledge into your pricing to be already a step ahead of the rest.

5. Know the current market situation

The market trends deeply affect the buyers' motivation to spend on an investment in real estate. If it is a buyer's market with the prices generally competitive for him to choose from, you can make a slight reduction in the price to make it more attractive. If the case is otherwise, when the buyer wants to buy but the choices are limited, a higher price can lead to more profit.

6. Create a backup plan

If the price you set is not attracting a large footfall, keep a back-up plan in mind. Overpricing might be the reason the potential buyers are showing little interest. It is not necessary to make a huge cut in the price, rather you can use a market strategy to promote your property more. A small reduction can put it in a different price bracket, thereby generating buyer's interest. It is also a great idea to reduce the price if you are using email marketing through online real estate and property dealing websites because different people set alerts for different price brackets.