Dubai: Setting a profitable price when selling your property is crucial to attracting the right buyers while ensuring you maximise your return. Here are the key steps to determine the optimal list price:
#1: Analyse comparable properties in your area:
Look at recent sales, current listings, and properties that failed to sell. Pay attention to factors like location, size, condition, and amenities. This gives you an idea of what similar homes are selling for and helps you avoid overpricing or underpricing.
#2: Know if the market is seller or buyer friendly:
You would already know that the real estate market can fluctuate depending on economic factors and local demand. In a seller’s market, where inventory is low, you can set a higher price. In a buyer’s market, where there’s more competition, pricing competitively may help your property stand out.
#3: Price your unit slightly below a round number:
Setting a listing price of Dh499,000 instead of Dh500,000 evidently attracts more buyers. Buyers search in price ranges, and a strategically priced listing can increase visibility and offers. If your property doesn’t attract enough attention, be prepared to adjust the price. Pricing flexibility is the fine line between profitability and market appeal.
Key takeaway? By conducting research, understanding the market, and pricing thoughtfully, you can set a profitable price that maximises your chances of a successful sale.
