SETTING THE RIGHT PRICE FOR YOUR CYPRUS PROPERTY

The right property price can make a property sell fast.

THE PRICE DILEMMA

If you price your property too high, you might not even receive an offer on it and make it almost impossible to sell especially in a market with lots of properties for sale on the market. Setting a too low of a price and you might be forgoing important profits.

So how do you set the right price for your property?

COMPARABLE ACTIVE LISTINGS

Look at similar properties currently for sale in your area or even other areas with the same characteristics as your. You should price your property around the average price of comparable homes. However this may be misleading especially if for some reason, properties in your area have been overpriced. Sold property prices are a better indicator

COMPARABLE SALES

These are properties that have actually sold. Although a property owner may not have access to such information an estate agent or property valuer does. Keep in mind that listed properties do not sell for the listed price. They sell for less. So finding out the actual price similar properties have sold at in your area or similar areas it is critical.

MARKET CONDITIONS

Are you in a buyers market or a sellers market. Is the economy booming or slowing down? What is the future outlook for the Cyprus economy?

All these are important questions to have an answer for when deciding on setting the right asking price for your home.

As a general rule, when there is little development or resale property stock but the demand is increasing (perhaps more foreign buyers interested in buying in Cyprus) and when the economy is booming, then property prices will be on the rise and asking prices will also.

LOCATION AND CONDITION

These are some important factors that play a significant role in property price setting

Is your home close to amenities, perhaps a park or sits on the beach front? Is it part of an elite development or has breathtaking views? Location, location, location. It can add thousands to your asking price.

You would not expect a 20 year old home to be in top condition. Which can negatively affect your home’s selling price. But if your aged house is looking like it has just been delivered to you, this should be reflected in the price

UPDATES AND REPAIRS

Repairs, remodels, renovations or upgrades, any updates you make to your home prior to selling will have a positive impact on its value.

Unfortunately, not all updates are equal. What you bought the home for plus the money you’ve put into it, do not equal the asking price. Certain renovations and remodeling projects have a better return of investments.