Setting the right price is one of the big challenges that home sellers face. Here are a few tips to help you set the right price when selling a home
The past couple of years have seen significant activity in Dubai’s property market. In the first half of 2024 alone, Dubai saw 43,075 sales transactions for both residential and commercial ready properties in Dubai, collectively valued at Dh122.9 billion. There are certainly excellent prospects for home sellers in the market, but anyone selling a house in Dubai should not just base their house pricing strategy on the dynamics of the hot seller’s market. Here are a few things to consider to help home sellers set the right price for their property and achieve a successful house sale.
The first step is to research prices of comparable houses and to find a range. Use the most recent prices you can find and adjust your price accordingly. You can use free sites such as Gllit to find the prices of properties in similar locations or of the same sizes and amenities.
The features and amenities of the property should be perfectly aligned with your price. A common mistake of home sellers is when they price their properties too high — and sometimes too low. A potential deal breaker for many homebuyers is when they see when their expectations don’t match what they see during the home inspection. So be sure your price reflects the true condition of the property.
The post-Covid era has seen a noticeable change in homebuyer preferences. For instance, properties or communities that offer a suburban lifestyle are now in demand as well as homes that offer flexible remote work facilities. Be mindful of changes in homebuyer sentiment and these can have a significant impact on your pricing strategy.
Once you’ve researched the price range of your property, you will have to decide whether to sell your property above, below or at the market price. Typically, selling above the market value will narrow down your pool of potential homebuyers, while pricing it below market value attracts a broader target audience. Depending on your objectives for selling the house and the urgency of the sale, you can then price your property accordingy.
Installing eco-friendly features on your property can have an impact on the selling price. Water and energy-saving devices as well as smart home technology are some of the common eco-friendly features that can prove attractive to environmentally conscious homebuyers. Eco-friendly devices such as LED lights deliver long-term cost savings for homeowners as well as various other lifestyle benefits, which is why these properties command a price premium in the market.
You can maximise your returns by timing your sale during the peak of a market cycle. However, you should also constantly monitor the market for any signs of a market slowdown and try to be sure that you are not to forced to sell the property during such unfavorable market conditions.
Gllit.com offers a seamless platform for homeowners to list their properties, reaching a vast network of potential buyers and tenants. With its user-friendly interface and robust features, gllit.com ensures that your property gets the visibility it deserves.
So why wait? Head over to gllit.com and list your property today.