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How much is your property worth and how to set a perfect listing price?


When deciding, or even just considering listing a property for sale, our first question is often: What price should I be looking for my property.

Every homeowner is probably trying to do their own mini market research. They look at the listings in their area, read the latest statistics on property transactions, turn to an agency to get an idea of what they can get.

Very often, regardless of what the market says, owners have their own personal idea of what price they want to achieve - relative to their investment and desired return or relative to their own needs. And in their desire to achieve the best, they always take as their benchmark the highest prices and the most expensive offers, guided by the maxim that a thing is worth what its owner is willing to sell it for.

The opposite is also true - in the search for a quick sale or due to a lach of understanding about the specifics of the market, they can underestimate the value of the property, losing opportunities to fully realize its potential.

So how do we know how much our property is worth?

First of all, of course, is market research. With real estate agents, this is not just a review of available listings, but an analysis of actual transactions. Such information BULGARIAN PROPERTIES has been collecting and summarizing for years to track trends, detect imbalances in the market, indicate risks and opportunities.

Based on this research, we have launched a fully automated free platform, which allows any user to get a basic valuation of their property in less than a minute. A good starting point for entering the market, on the basis of which to proceed with the remaining steps in the price determination.

Comparison with properties in the same area or of the same type is a useful indicator. However, a number of specifics must also be taken into account. Prices can vary considerably depending on the type of construction, the year of construction, the floor, the exposure, the presence of additional "extras" to the building such as security, yard, parking, etc. Neighboring streets or neighborhoods may have a different fair price due to their different reputations, location amenities, transportation connections, etc.

Last but not least - the presentation of the property can seriously affect the interest in viewings and change the price up or down. We often look at real estate as 4 walls that carry the value. However, we should not overlook that buyers are also driven by many subjective factors when having to consider and choose between competing offers. It makes a great difference if the listing is detailed or gives scant information, if the photos show a well-organized, well-lit and cozy home or demonstrate an old and neglected property that screams the need for renovation (and additional costs).

Even if you are hesitant about selling the property yourself or with the help of an agent, a visit from a good broker is helpful. Serious agencies with years of experience behind their back can, in one viewing, assess the advantages and disadvantages of the property, compare it against other current offers and give the owner a clearer idea of the price they can get.

Often the real deals happen with a "comment" in the price. That is, the buyer has the expectation that the originally announced offer may be subject to a slight adjustment, which sometimes varies between 5 and 15% depending on the owner's ability to negotiate, the urgency that either party of the transaction is in, etc. Such an expectation leads owners to always quote a higher price than their real expectations in order to leave themselves room to negotiate. Such tactics should be handled sensibly.

Paradoxically, if the price is too inflated relative to the market and the listing sticks around for a long time, it can have a greater and long-lasting negative effect on the property being sold. Buyers and consultants looking at the market certainly do continuous supply screening. And when a listing for a seemingly interesting property sits too long without movement - it's an indication of a potential problem with the property.

Finally, overpricing can even lead to a situation where the property is sold at a significantly lower price compared to what we would have achieved with a balanced and objective initial offer.

Although it may seem simple at the outset, the listing price of a property is a function of many different parameters that can influence a successful and speedy transaction and we at BULGARIAN PROPERTIES are here to assist you fully with the sale of your property.

Contact us on +359 886 033 033 or complete a sales or valuation form from the buttons above.

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