Are you selling or do you want to sell your property?
5 rules from experts on the effective sale of your property in Moscow.
Having decided to sell a property the owner often falls into one of the dangerous snares of present-day real estate market – the overestimation of the property. We work with both property owners as well as assist customers to find a liquid property for investment, which means that we are regularly on both sides of the fence. Today we share all-round knowledge of efficient real estate sales.
Rule 1. Make a competent analysis.
Did your neighbour sell the apartment 3 years ago? Have you bought an apartment for a currency and want the same equivalent today? The situation on the real estate market has changed. This information can be considered out-dated and cannot be used for estimation. Estimate the cost of properties in open sources in your location in the last six months. However this is not enough for estimation to rely on the accuracy of only data on the Internet.
Rule 2. Refer to several sources.
What do you see now in public available advertising sources? The average market price? No, you see the expectations of the same owners of real estate like you. Online valuation services generate an average cost per square meter analysing these proposals on the basis of expectations rather than the liquid price of the property. Therefore by having estimated the cost of properties for the last six months compare them with the data on the deals that have already occurred in your location in the last six months with the help of professionals.
Rule 3. Listen to the opinion of experienced professionals. Compare and search for an expert.
The main part of the market is represented by realtors who due to lack of credibility at an initial stage of communication with you will be ready to advertise your property at your expected price in hope that prudence and time will prevail over you. In most cases after many months of vain attempts to search for customers you will finally reduce the price however you can be late with drop in price as your “competitors” by this time will also go down in the cost.
Rule 4. Offer the correct starting price for your object.
The success and speed of sale strongly depends on the correct starting price of the property. An overprice increases the time of exposure of the property in advertising and does not lead to a successful deal. The market is on the move, there are seasonal bursts of activity however in general now we are dealing with a falling market.
Rule 5. 5-10% for auction of the actual market price.
Due to a very heterogeneity of the market in the elite segment it is difficult to correctly estimate the property. New and high-end buildings coexist with obsolete housing provoking a wide range of prices. New market players estimate the cost of their property focusing on the numbers in the ads of expensive “competitors” usually with a margin for bargaining + 1,500,000 + 3,000,000 rubles. As the present Moscow market is oversaturated with properties and the supply extremely exceeds demand, today this model can no longer be used. For bargaining enough to keep 5-10% of the actual market price. Compare to overpriced properties your offer will look as a dumping. Don’t let that worry you! Practice shows that the proposal looks most profitable on the market for 2-3 months of rotation. At this time all market participants have already seen the property, interested customers made their proposals. After 3 months you can continue to wait for “your” customer however from that moment the market starts to play against you as there will be new offers and maybe one of the sellers will be more motivated for sale. The number of «ripe customers” in the market will decrease, new buyers still can not adequately assess the market and you do not coincide in the common point of interest.
Listen to experts, make a competent analysis, find data on the deals in your location in the last six months and start correctly!