Market Value is that value realised when a product is introduced into the market as a normal sale and is consumed within a reasonable amount of time. Therefore the market value is partly a function of time.

The best chance of selling your property is during the first four weeks. Studies show that the longer a property stays on the market the less the seller will net.
Interestingly, your first offer is often the best offer.
It is very important that you price your property at a competitive level at the signing of the marketing agreement. The current market is so competitive that even a few thousand Rand can make a difference. Here are some reasons for pricing your property correctly from the start.

An Overpriced property:

• Minimises offers
• Limits qualified buyers
• Reduces showings
• Reduces agents response
• Limits financing ( Banks do not find value)
• Wastes advertising expenditure

Pricing Correctly:

• Creates the impression of good value
• Gives maximum exposure
• Marketing period is minimised
• Least disruption
• Increased advertising response
• Results in shorter turn around time
• Stimulates buyer interest
• Exposure to more buyers during the crucial 3 weeks

Pricing to Sell

• Improves the marketability of a property
• Price is the most important negotiating factor to seller and buyer
• The negotiated price compensates for the property’s shortfalls
• Price creates interest and interest sells houses
• The initial marketing time is crucial
• Choose your agent on competence not on “promised” price
• Buyers buy on comparison and elimination
• Buyers compare price and value
• Seller maintains the negotiating advantage when price is right
• There is only one chance to make an impression on the buyer
• Don’t eliminate buyers before they look