The appraisal of a house must be carefully pondered in order to set a proper pricing that will enable the house to be sold in a reasonable period of time. Contrary to what is common belief, pricing the house that you wish to sell is not an easy task because if the price that is set is inadequate then there exists little margin for error to rectify that mistake afterwards. This is so because if the price is set too low, then the house will be sold very quickly and, obviously, there is nothing that can be done to remedy it. On the other hand, if the price is set too high we will also have problems as it is very probable that nobody will buy the property and its sale will be delayed and, thus, making it very difficult to be able to carry out the operation. Many real estate experts believe in the unwritten rule that a house must be sold in the first three months since it has been on the market. Were the house not sold during that period, then the sale becomes much more difficult to carry out. Many experts on real estate think that once these first three months have passed, the property, in some way or another, becomes stigmatized: the buyer does not consider the option interesting and, furthermore, it becomes much more difficult to get the client´s attention even if the price has been reduced.

CONSULT IN ORDER TO COMPARE

There is an expression that says “ there is only one opportunity to create a good impression on a client”. This is absolutely true and it can be applied to the real estate world. It is of prime importance to set an appropriate price to sell the house, and this is why we must make sure that it is accurate before we settle on a price. The first rule that should be taken into account is to consult real estate portals in order to test the price of other properties that are similat to the one we wish to sell. In order to set a market price, there is nothing better than to consult the market. Nowadays, the Internet allows us to get quite a precise idea of prices in the real estate market. In order to achieve this, it is important to note down the prices of several properties which are similar to ours, and once we take the average price, then we can set ours. When we look at prices that appear on real estate portals, we must bear in mind that one thing is the starting price that has been set, and another thing is the price that has finally been reached on the sale of the house. We are pointing this out because sometimes the property is sold at the starting price, but other times this price is lowered (usually between 5,10 and 15%). This is why it is important that we compare different portals so as to get a precise idea of the prices of houses which are similar to the one we wish to sell. Obviously, we must look for properties that are similar to ours, as we have already said; taking into account not only the size but also the city or area where it is located as well as the complements (such as garage, storage room, swimming-pool, lift, concierge etc.). It is important to point out that medium or low priced houses in urban areas usually may accept more economic adjustments, whereas in the most exclusive neighbourhoods just the opposite occurs: the houses rise in value, especially if the offer is scarce, and these prices are always revised upwards.

TAKE VERY MUCH INTO ACCOUNT

When it comes to performing an appraisal, the condition of the house is a fundamental issue. If it is a newly built house or if it has recently been renovated, then the price will be much higher (we again advise you to compare real eatate property of the same characteristics in order to know the difference in price in relation to a normal house). Other determining factors are its light and brightness, its orientation as well as its distribution. In any case, if you find yourself over your head, please remember that a good real estate agent can always be of great help. Do you need professional advice? Please contact Estate One!