How to be a Savvy Seller, Ask a RAY Consultant Here

Set Your Price Right:

Setting the selling price of your home involves careful considerations including market conditions and financial factors. During this phase of the home selling process, your appointed Realtor will assist you set your selling price by determining the following considerations:

• Selling Price Considerations
• Comparative Analysis Pricing (Latest Transactional Data)
• Market Conditions & Sentiment

Selling Price Considerations:

Whenever setting the selling price of your home, you should be aware of a purchaser's frame of mind. Based on the wide choices of property for sale in the market or in your neighborhood, it is often purchasers tend to choose which properties they want to view and consider. Specific location where each potential purchaser wish to purchase is also another main factor.

Please consider the following "NO, NO" pricing factors:

• If you do set the selling price too high, your home is likely to be less picked for viewing or consideration, even though your property may be much nicer and better condition than the others in the same estate or condominium. What goes on in the purchaser's mind is "yours just look too expensive to be considered" although viewing your property did cross their mind.

• If you do set the selling price too low, then you're not only spoiling the market but also shortchanging yourself on the deal. Your house no doubt may sell in a shorter time but you could have sold it for a much better price.

TIP: High Asking Price does not mean you will get higher selling price. Low Asking Price does not necessary mean will sell faster.

How to determine the right price?

In order to determine the right price, do the following checklist:

• Consult with your appointed Realtor
• Check other advertisements selling in the area.
• Check latest transacted selling prices.
• Check the bank valuation, get a bank indication.
• Always go with the market condition and sentiment flow.

Comparative Analysis Pricing:

Always remember that no matter how good condition or well-kept your home may be, potential purchasers will be comparing your price with every listing on the market no matter what. Your best bet is to rely on the "Latest Transactional Data".

The list of comparable transacted sales together with what's selling in the present market will give you a "Comparative Market Analysis". In this way, it will assist you in estimating a possible sale price for your home. Because the Singapore property market is so volatile and active, always check within the last 3 months' data.

This transactional data is available to the public indicating what the purchasing public are willing to pay so far and this information is available through the various sources:

• Your appointed Realtor
• Your Banker
• www.ura.gov.sg

From here, you and your appointed Realtor will be able to come to a suggested asking selling price. However, the final asking selling price will always be your decision ultimately.

Please take note that there is no need to get a written valuation report for Private Residential Properties. Any 2-3 bank value indication is good enough. After all, when you find a potential purchaser, they will again ask for their own bank valuation to make sure that your value indication is within your bank's indication.

Market Conditions:

The Market Conditions is always a factor in determining the activities of purchasers. When the property market is booming, prices tend to rise very fast and properties are being sold in just a matter of days. However, when the property market is quiet or slows down, the longer it will then take to sell a particular property.

When your property is slow in selling due to the asking selling price or bad market conditions, the more you are losing interest and money especially in a market where it is moving backwards.

Your appointed Realtor should give the best advice telling you whether you are selling in a purchaser's market or seller's market at the time of marketing. Of course if the property market is in the seller's favor, then you will be able to price your property a little higher. While on the other hand, you should seriously consider the best possible offer being offered to you as long as you think it is reasonable rather than trying to get a few more hundreds or thousands.

After some time, if your property is still not attracting enough potential purchasers to view; then we suggest that you review your asking selling price again. Perhaps lowering the price but again, do check with the relevant sources before you make that decision.

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