How to determine the fair price of your property and attract buyers quickly

Determining the fair price of a property is one of the most important decisions when selling. An appropriate price will not only help you attract more interested parties, but can also significantly accelerate the sales process. In this article, from Galgo Real Estate, we share the keys to establishing a competitive price and achieving a successful sale according to market circumstances at the time of commercialization. Additionally, we show you how we can help you achieve this professionally and safely.

Steps to set the fair price of your property:

Step 1: We analyze the prices of recently sold properties

Before setting a price, it's essential to know the prices of similar properties in your area. Observe the characteristics of properties for sale and recently sold that are similar in location, size, age, and general condition. At Galgo Real Estate we belong to the Association of Real Estate Professionals (API) and therefore have access to the MVI tool that allows us to see the history of amounts recorded in recent sales made in your same building, street and/or district.

Step 2: We analyze current competitors

At Galgo Real Estate, we analyze both your property's characteristics and current market conditions, demand, and growth projections for the area. We meticulously analyze properties with similar characteristics to yours to determine the best marketing price.

How do we value a property? Professional methods

• Comparison method: Based on analyzing the sale price of similar properties in the same area.
• Cost method: Estimates the land value plus the cost of rebuilding the property, discounting depreciation.
• Income capitalization method: Calculates value based on the economic return the property could generate.

Understanding these methods will allow you to better understand how we justify your property's price.

Step 3: We evaluate your property's differentials

Details like a pool, large gardens, outstanding architectural design, or a corner location can justify a value above average. Identifying these elements is crucial for positioning your property advantageously.

Step 4: Define a competitive pricing strategy

Setting a price slightly below the market average can generate greater interest and encourage multiple offers. At Galgo Real Estate we advise you to define the appropriate strategy that enhances sales possibilities.

Step 5: We advise on possible price changes according to market response

If we notice little activity, it's important to be flexible and review the pricing strategy in time to avoid "cooling" the property in the market. We conduct constant monitoring to recommend timely adjustments and maximize opportunities.

Other factors that influence your home's valuation:

• Location: Proximity to services, green areas, schools, and public transportation.
• State of conservation: Renovated properties or those in perfect condition usually achieve better prices.
• Energy efficiency: Good energy certification can increase the property's value.
• Special characteristics: Penthouses, ground floors with gardens, homes with terraces or storage rooms are in higher demand.

Online valuation vs. in-person valuation: what should you know?

Online valuation tools can offer a quick estimate based on statistical data, but they don't replace a professional in-person valuation. The in-person visit allows consideration of particularities that significantly affect real value, such as orientation, brightness, or the internal condition of the property and/or building.

Common mistakes when setting the price and how to avoid them:

• Overvaluing due to emotional attachment: The emotional value we feel for our home doesn't always match the real market value. Avoid this by trusting objective data and professional advice.
• Not considering the property's real condition: A property that needs repairs cannot expect the same price as one in impeccable condition.
• Ignoring the competition: If there are similar properties at a more attractive price, your property will lose visibility and opportunities.

Keep the property in optimal conditions

A house or apartment in good condition can justify a higher price. Consider small improvements, repairs, or deep cleaning to increase its appeal. From Galgo Real Estate we also guide you on improvements that can make a difference.

Determining the fair price of your property is a balance between market analysis, professional valuation, and intelligent sales strategy. An appropriate price will not only attract more buyers, but will also allow you to complete the sale in less time while obtaining the best possible price.

At Galgo Real Estate we are experts in property valuation and in accompanying you throughout the entire sales process. Don't leave one of the most important steps to sell your home to chance!

Request your free and no-obligation appraisal now

Trust professionals who know the market and will help you sell your property at the best price.