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NEWSDAY THURSDAY MAY 9, 2013 25
THE aspect of pricing a property is the most
fundamental in the selling process, for it
largely determines the time the property is
going to be on the market. It goes without
overstating that the seller and agent ben-
efit most when a property is purchased at a
higher value than it is worth, but realistical-
ly speaking, it is ultimately the buyers who
determine the value of the properties on themarket. is becomes the main reason why
the crux of a property sale is its price be-
cause the seller wants to benefit as much as
they can from the sale while the buyer will
most certainly want to pay the least amount
possible for the highest return in value.
It is always prudent to start by getting an
independent valuation from an agent who
will not be involved in the sale. e reason
I state this is that the agent is not motivated
to overprice, in the hope of being awarded
with the mandate to sell. When a seller
hears that their property might fetch more
than they anticipated, there is naturally a
feeling of excitement and an inclination
to assume that the agent will achieve that
price without considering extrogenious
factors like prevailing market trends and
the liquidity crunch.
So in reality, how can one have a general
idea of how much the property will fetch on
the open market? A sure start will be a thor-
ough assessment of similar property prices
within the same catchment and their dura-
tion on the open market. Why I mention
the duration of the property on the market
will help one assess if that particular prop-
erty is overpriced and reasons behind the
overpricing. It will be foolhardy to follow
hot on the heels of one who has overpriced,
because the result will only yield two very
unsaleable properties on the market.
ere is a natural bias that overwhelms
the seller of a property in relation to the
Pricing apropertyfor sale
To page 26
Te seller and agent benefit most when a property is purchased at a higher value than it is worth, but realistically speaking, it is ultimately the buyers
who determine the value of the properties on the market
HARARE: (04) 773930-8; Email: [email protected]; 1 Kwame Nkrumah Ave, 3rd Block, 1st Floor
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NDPROPERTY
NEWSDAY THURSDAY MAY 9, 201326
true value of the property they intend to sell. Un-
less the sale of the property is encouraged by the
buyer, sentimental value cannot be converted
to monetary value whatsoever, the fact that one
married and bore all their children on the prop-
erty that is intended for sale does not add an extra
$30 000 to the sell price. When it comes to deter-
mining the actual value of the property, an unat-
tached third party objective assessment should be
made, that is why I always encourage a profes-
sional and categorically state that friends do not
qualify as a third party valuators.
e price of a property is inversely related to
the demand on the market and it is demand not
time that actually sells properties. If one increases
the price the demand lowers and if one lowers the
price, the demand increases. It is important to re-
alise that properties are normally not bought on
whim; most buyers assess the options available
way before they view the property through adver-
tisements or other media.
e price of the property is alsoinversely related to the interest that
will be created in the person
of the potential buyer. If
the property is overpriced,
chances are the potential
buyer will just ignore
the property and the
seller looses at the
first hurdle. If the
potential buyer does
view the property, at
the back of their mind
they will be compar-
ing with other prop-
erties they would
have seen previously that where either priced
higher or lower.
To those sellers who are normally unyielding to
reason and intrinsically believe that their proper-
ties are worth far more than they are, there is a
chance that some agents will use that particular
property as prone to sell their other similar prop-
erties that are rightly priced. is is highly detri-
mental to the seller. Firstly, the property will end
up becoming stale on the market raising suspi-
cions of possible problems with the property.
Secondly that it also drives the seller on the
desperate side forcing them to end up agreeing
to a price that would not have been conceivable
had the property been rightly priced from the
beginning.
It is wise to remember that a realistic price will
certainly assure one of a sell in the shortest possi-
ble time. e property is not intended to eliminate
all the financial problems that one may face; how-
ever, it can certainly reduce them up to its value.
Article provided by Wisdom Properties. ey can
be contacted on 0772 403687 email: [email protected]
Pricing a property for saleFROM PAGE 25
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NEWSDAY THURSDAY MAY 9, 201327
65 CENTRAL AVENUEBETWEEN 6TH AND 7TH STREETSHARARETel: (263-4) 252357, 252957-9E: [email protected]
68 RIDGEWAY NORTHBORROWDALE, HARARE
Tel: (263-4) 852747/8,853258/59/60
PROPERTY CONSULTANTS
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Since
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HELVETIA DRIVE, BORROWDALE
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$450K
AVONDALE RIDGE
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Contact Angie on 0773 227 319
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Compact 2 beds
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Solid double storey family homecomprising, large lounge with sun lounge.Dining room, large updated kitchen withlaundry and scullery. Gas and electric
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GREENDALE
EMERALD HILL
A pretty house with 3 beds, mes, family
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$210K
A solid family home comprising spaciousmain lounge, bar, dining room, door
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$635K
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US$370K
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Contact Shireen on 0772284898
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A stunning, thatched home comprises 4 beds, 3
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Property in a Company name.
Contact Angie on 0773 227 319
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MALCOLM ROAD, BORROWDALE