Should I Price My Home Higher To Make the Buyer Negotiate?
If you’ve tried to buy something in Nigeria, then you most likely have had to negotiate from one ridiculous price to something you feel is fair. Now imagine you are about to sell real estate, pricing it higher might seem the logical case, making interested individuals learn home price negotiation tactics. But is overpricing your property really the best choice? Let’s think like like a buyer.
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1. Buyers will be viewing your competitors home
You need to realise you are not the only one trying to sell a home in Nigeria. Before a buyer sets out to buy real estate, most have a budget already and will be searching for homes priced in that particular range of what they can afford. So if they find something similar to your property and cheaper, they won’t be thinking of how to negotiate your house price down anymore and those homes competing with you will have a higher chance of being sold before yours.
2. Qualified buyers aren’t seeing your homes
If your home is priced too high qualified buyers in Nigeria won’t be seeing it. The ones who can afford the true value of your property will never see the real estate as you have scared them off with the price.
3. Buyers are ready to buy
Most times, individuals are not thinking of items to negotiate when buying a house. Once a buyer has made his/her mind to buy real estate, he/she wants the property NOW. They’re anxious to get started in their search to find that perfect home. New properties hit the market every week and as the homes hit the market, your home becomes old news and they will be all over the new property instead of yours.
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There is no short answer to this question, but you should discuss it with a knowledgeable real estate professional who knows the product, the market and the competition. You can still decide to price your home higher than its true value but you should think like a Nigerian home buyer and see if this decision is right for your property.