Effective pricing is just as important as marketing in residential property sales, and it pays to get things right the first time. Photo: Michelle Kroll.
Looking to sell your home in the first quarter of 2025? Think carefully about how and at what price you’ll set your listing before your agent whips out that ‘for sale’ sign.
There’s a bit of an art to pricing a home. Aiming too high can lock out entire demographics and reduce competition, potentially leading to a ‘stale’ listing.
On the other hand, setting a price too low places the homeowner at a disadvantage when it comes to negotiations and can invite suspicion around the property’s condition.
Price adjustments ultimately increase your property’s time on the market, leaving buyers to wonder why it hasn’t sold, so it’s important to get your numbers right the first time.
Col McIntyre from McIntyre Property has a few tips and tricks to consider when it comes to pricing your home effectively.
“The first few weeks your property is on the market are crucial, so your work starts with choosing the right agent,” he says.
“Always interview a few different agents to get a good evaluation range and avoid those who might suggest unrealistic prices to secure your listing.
“Delve deep into client reviews to ensure they price effectively, know your area well, and have sold homes in a similar bracket to yours.
“Research what similar homes have recently sold for in your suburb for an idea of where to start. Pricing should take your home’s location, size, curb appeal, condition and nearby amenities into account.”
Col has been in the industry for the better part of three decades. Photo: Michelle Kroll.
A fresh lick of paint, new carpets and some landscaping will increase your chances of a great return, but Col says sellers should think carefully about shelling out for a kitchen or bathroom remodel.
“Buyers will pay more for a house that has had all the work done, but spending too much could set you back financially in the end, so there’s certainly a balance to consider.
“For example, the laundry in a standard two-bedroom, one-bathroom townhouse built in the 2000s might be a little outdated. But your target market will likely be first home buyers – if you spend $30,000 on a renovation and ramp up the listing price, it could decrease competition as a result.”
To sweeten the pot without reaching into your own pocket, consider offering an extended settlement or including white goods, appliances, tools or other extras your buyer may find appealing in the sale.
Col says the Canberra market is currently geared towards buyers, which has seen prices fall slightly across the board, particularly for apartments.
Properties priced over $1 million are experiencing less interest.
“First-home buyers are quite active at the moment, so starter homes, apartments and townhouses are selling well,” he says.
“The local auction clearance rate is at about 50 per cent, so if your property is an all-rounder, employing a ‘price plus’ strategy might be a better option.
“Overall, properties in the ACT are taking longer to move, but if you price effectively, leave room for negotiation and take the time to understand how competition affects your listing, you’ll be far more likely to experience a great sale.”
Find out more at McIntyre Property.
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