Setting the right asking price is one of the most important decisions when selling your property. Price it too high and you may discourage buyers and keep your property on the market longer. Price it too low and you could leave money on the table. The goal is to find a price that reflects your property's market value while attracting serious buyers.
Start with comparable properties
One of the best ways to estimate your property's market value is to look at comparable properties, often called “comps.” These are homes similar to yours that have recently sold or are currently competing for buyers.
When comparing properties, look for homes with similar:
Location and neighborhood
Property type
Size and layout
Number of bedrooms and bathrooms
Condition and age
Outdoor space
Parking and other important features
Recently sold properties are particularly useful because they show what buyers have actually paid, rather than simply what other sellers are asking.
Look at what's currently on the market
Recent sales tell you what buyers have paid, but your current competition tells you what buyers can choose from today.
Look at similar properties that are currently listed. If several comparable homes are available at lower prices, pricing significantly above them may make your property harder to sell. On the other hand, limited competition and strong buyer demand may give you more flexibility.
Consider:
How many similar properties are available
How long they have been on the market
Whether sellers are reducing their prices
Whether properties are selling quickly
How much demand there is in your area
Current market conditions and buyer demand should be considered alongside comparable sales when setting your price.
Consider your property's condition
Two homes in the same area can have very different values. Consider the actual condition of your property and any features that make it more or less attractive than comparable homes.
Recent renovations, a modern kitchen or bathroom, energy efficiency, parking, outdoor space, views, or a move-in-ready condition may support a higher price. On the other hand, repairs or outdated features may affect what buyers are willing to pay.
Try to look at your property from a buyer's perspective rather than its sentimental value. What you paid for the property or how much you have invested in it doesn't necessarily determine what buyers are willing to pay today.
Don't rely on price per square meter alone
Price per square meter can be a useful way to compare properties, but it shouldn't be the only factor you use.
A smaller renovated property may be worth more per square meter than a larger property that needs significant work. Location, layout, condition, outdoor space, and other features can all make a substantial difference.
Use price per square meter as one reference point alongside comparable properties and current market conditions.
Consider how quickly you want to sell
Your selling timeline can influence your pricing strategy.
If you want to sell relatively quickly, a competitive price can help attract more buyers and generate interest early. If you have more flexibility, you may decide to test a higher price, but be prepared for potentially fewer inquiries and a longer time on the market.
The first weeks after a property is listed can be particularly important because this is when it receives its initial exposure to buyers.
Use Anyone's property data
Anyone gives sellers access to property data and market information that can help you research your property and the market around it.
Use the available data to compare your property with similar homes and build a realistic price range before deciding on your asking price.
Remember that data and automated estimates are useful starting points, but they don't replace a professional valuation or appraisal when one is appropriate.
Set your asking price
Once you've researched comparable properties, current competition, market conditions, and your property's condition, choose an asking price that you can justify based on the market.
Avoid pricing significantly above comparable properties simply to leave room for negotiation. If buyers see better-priced alternatives, they may move on rather than make an offer. Overpricing can also lead to price reductions later, which may make it harder to regain the momentum of a new listing.
Review your price after listing
Your listing's performance can give you useful feedback.
If your property is receiving plenty of views and viewings but no offers, or if similar properties are attracting more interest, it may be worth reviewing your price and comparing your listing with the current competition.
If you do need to reduce the price, consider making a meaningful adjustment rather than repeatedly making very small reductions. Also review your photos, description, and overall presentation before assuming price is the only issue.
Need a professional opinion?
You can determine your asking price yourself using market data and comparable properties, but you don't have to do it alone.
If you're unsure about your property's value, you can connect with a real estate agent on Anyone. An experienced local agent can provide a Comparative Market Analysis (CMA), help assess your property's condition and features, and recommend a pricing strategy based on the current market.
Good to know
Your asking price is a starting point, not necessarily the final sale price. Buyers may make offers above or below your asking price, and the final deal can depend on the price, conditions, financing, timing, and other terms.
The best price is not necessarily the highest number you can put on your listing, it's a price that attracts the right buyers while reflecting what your property is realistically worth in today's market.
Need assistance?
Have a question about pricing your property or using Anyone? Our friendly support team is here to help. Simply click the chat button in the bottom-right corner to get in touch with us.