As Singapore’s first one-stop property solution that provides a free DIY platform as well as fixed-fee agent services, we have received many questions from our clients and friends over the years regarding housing policy changes and property tips to help them navigate their home transaction journey.
This led us to start our very own Facebook Live series where our experienced agents explain everything from policy rule changes to property selling tips in a fun and engaging way. Thus, Property with D & Z was born!
In this episode of Property with D & Z, Ohmyhome’s Senior Real Estate Consultants Douglas Quah and Zen Lim share tips on what to avoid when pricing your property and steps to price your property the right way.
Before posting your home for sale, be sure to watch this video on proven ways in pricing your property right to attract more buyers.
Common Mistakes to Avoid When Pricing Your Property
1. Lack of Market Research
It is a common mistake by first time home sellers to compare apples and oranges without finding out more information on why certain flats are valued higher, such as comparing a [email protected] 4-room flat that was sold at $900,000 to a 4-room flat in Sengkang sold at $400,000.
2. Pricing Based on Hearsay
Pricing your property based on the past transacted prices of your neighbours, your relatives, friends, etc. is one of the most common mistakes by home sellers. You’ll not know if you’re pricing your property right based on unreliable sources that are not backed by market data.
3. Outdated Resale Data
Pricing is all about timing. This means that your property may be worth $500,000 today but it can decline to $450,000 if you were to sell 5 years from now. Be sure to always set the latest property price based on the current market situation to ensure your home is priced competitively.
How to Price Your Property Correctly
1. Start Your Market Research
Be sure to check the HDB website for the most up-to-date info on the prices of past transacted units in your area. Keep in mind that the transactions must be recent, within a 3-12 month period.
Get market insights instantly when you post your property on Ohmyhome. Once your listing is posted, the property’s data on past transactions will appear, giving you direct market insights.
2. Know Your Market
Which block has units on the market? You’ll need to find out what are the other units for sale. From there, take a look at the photos and prices to see how your unit fare to those competing units. If your goal is to sell faster, this will provide a good foundation to price your unit attractively.
Check HDB’s Resale Flat Prices as an informative guide on transacted prices for resale flats within the past 2 years. The data is based on registered resale applications and is updated daily.
3. Use Our In-app Valuation Tool
How much is your property worth currently? On the Ohmyhome app you’ll find Zoom Value¬Æ, a third-party auto-valuation tool that provides an independent and unbiased assessment of what your home might be worth in today’s market. Key in your property information and your estimated valuation price will appear instantly.
When the aforementioned components are done right, you’ll have a better chance to get your house sold in a timely manner!
Bonus tip from our agents:
Avoid staying idle. If you don’t receive any enquiries for 2 weeks after posting your listing, it’s time to fine-tune and check again. Make the necessary amendments, set an attractive price and post it.
Download Ohmyhome app and enjoy a seamless home transaction journey, for free!