Factors that Determine the Asking Price of your Property

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If you’ve decided to sell your house, you’ll need to figure out the correct asking price for the market. Here’s how to set an asking price that’s not only reasonable and can help you sell your property quickly, but also suitable for the current market conditions. 

What is a Property’s Asking Price?

The asking price is the amount of money that the property’s seller wants to offer to potential buyers.

Factors that Determine the Asking Price of your Property

1. Property Title

Freehold properties have fewer limitations than leased ones and are easier to finance. As a result, freehold properties are frequently in higher demand. On the other hand, the term of the lease affects how the property is valued, as a leasehold property with a longer life is worth more than one whose lease is coming to an end.

2. Market Price Trends

To get a better idea of where to begin, look into the prices that similar houses have sold for in the last few months to a year. You can select an asking price that is slightly higher or lower than the usual selling price but make sure it is not excessively low or expensive.

3. Neighbourhood And Nearby Facilities

Buyers will be likely to line up for a chance to own the property if it is in a prime location near offices, shops, schools, and other lifestyle opportunities. If the home is located in a highly prestigious, sought-after residential neighbourhood where people of a certain financial status are known to settle down.

4. Property’s Condition

Property’s condition is also one of the most important factors in determining its asking price. If a property is in poor condition, such as cracked wall and leaking roof,  it will likely be priced lower than a similar property that is in good condition. This is because buyers are willing to pay more for a property that is in move-in condition and requires little to no work.

5. Property’s Design

There are a few factors to consider when evaluating the design of a property. First, the property’s layout should be functional and efficient. The property should also be aesthetically pleasing, with good use of space and an attractive interior and exterior. Finally, the property should be well-built and structurally sound. By taking all of these factors into consideration, you can get a good idea of how to price your property. If you have a well-designed property, you can expect to get a higher asking price.

Conclusion

Malaysian property prices have been on the rise for the past few years. If you are thinking of selling your property, it is important to set the right asking price. 

If you would like to learn more, talk to our agent now!

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