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7/30/2019 NewsDay Property Day

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NEWSDAY THURSDAY MAY 9, 2013 25

THE aspect of pricing a property is the most

fundamental in the selling process, for it

largely determines the time the property is

going to be on the market. It goes without

overstating that the seller and agent ben-

efit most when a property is purchased at a

higher value than it is worth, but realistical-

ly speaking, it is ultimately the buyers who

determine the value of the properties on themarket. is becomes the main reason why

the crux of a property sale is its price be-

cause the seller wants to benefit as much as

they can from the sale while the buyer will

most certainly want to pay the least amount

possible for the highest return in value.

It is always prudent to start by getting an

independent valuation from an agent who

will not be involved in the sale. e reason

I state this is that the agent is not motivated

to overprice, in the hope of being awarded

with the mandate to sell. When a seller

hears that their property might fetch more

than they anticipated, there is naturally a

feeling of excitement and an inclination

to assume that the agent will achieve that

price without considering extrogenious

factors like prevailing market trends and

the liquidity crunch.

So in reality, how can one have a general

idea of how much the property will fetch on

the open market? A sure start will be a thor-

ough assessment of similar property prices

within the same catchment and their dura-

tion on the open market. Why I mention

the duration of the property on the market

will help one assess if that particular prop-

erty is overpriced and reasons behind the

overpricing. It will be foolhardy to follow

hot on the heels of one who has overpriced,

because the result will only yield two very

unsaleable properties on the market.

ere is a natural bias that overwhelms

the seller of a property in relation to the

Pricing apropertyfor sale

To page 26

Te seller and agent benefit most when a property is purchased at a higher value than it is worth, but realistically speaking, it is ultimately the buyers

who determine the value of the properties on the market

HARARE: (04) 773930-8; Email: [email protected]; 1 Kwame Nkrumah Ave, 3rd Block, 1st Floor

BULAWAYO: (09)-883184-8, Email: [email protected]; 3rd Floor, West Wing, Forestry Commission Building, 71a Fife St/L. Takawira


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NDPROPERTY

NEWSDAY THURSDAY MAY 9, 201326

true value of the property they intend to sell. Un-

less the sale of the property is encouraged by the

buyer, sentimental value cannot be converted

to monetary value whatsoever, the fact that one

married and bore all their children on the prop-

erty that is intended for sale does not add an extra

$30 000 to the sell price. When it comes to deter-

mining the actual value of the property, an unat-

tached third party objective assessment should be

made, that is why I always encourage a profes-

sional and categorically state that friends do not

qualify as a third party valuators.

e price of a property is inversely related to

the demand on the market and it is demand not

time that actually sells properties. If one increases

the price the demand lowers and if one lowers the

price, the demand increases. It is important to re-

alise that properties are normally not bought on

whim; most buyers assess the options available

way before they view the property through adver-

tisements or other media.

e price of the property is alsoinversely related to the interest that

will be created in the person

of the potential buyer. If

the property is overpriced,

chances are the potential

buyer will just ignore

the property and the

seller looses at the

first hurdle. If the

potential buyer does

view the property, at

the back of their mind

they will be compar-

ing with other prop-

erties they would

have seen previously that where either priced

higher or lower.

To those sellers who are normally unyielding to

reason and intrinsically believe that their proper-

ties are worth far more than they are, there is a

chance that some agents will use that particular

property as prone to sell their other similar prop-

erties that are rightly priced. is is highly detri-

mental to the seller. Firstly, the property will end

up becoming stale on the market raising suspi-

cions of possible problems with the property.

Secondly that it also drives the seller on the

desperate side forcing them to end up agreeing

to a price that would not have been conceivable

had the property been rightly priced from the

beginning.

It is wise to remember that a realistic price will

certainly assure one of a sell in the shortest possi-

ble time. e property is not intended to eliminate

all the financial problems that one may face; how-

ever, it can certainly reduce them up to its value.

Article provided by Wisdom Properties. ey can

be contacted on 0772 403687 email: [email protected]

Pricing a property for saleFROM PAGE 25


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NEWSDAY THURSDAY MAY 9, 201327

65 CENTRAL AVENUEBETWEEN 6TH AND 7TH STREETSHARARETel: (263-4) 252357, 252957-9E: [email protected]

68 RIDGEWAY NORTHBORROWDALE, HARARE

Tel: (263-4) 852747/8,853258/59/60

E: [email protected]

PROPERTY CONSULTANTS

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Since

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HELVETIA DRIVE, BORROWDALE

$320K

$450K

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Property in a Company name.

Contact Angie on 0773 227 319

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Compact 2 beds

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On 1secured acre.

Phone Suzie 0772340956

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Contact Samantha: 0778 915 482/Marda 0772 241 473

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EMERALD HILL

A pretty house with 3 beds, mes, family

bath, study, bar, lounge, dining, kitchen,

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domestic quarters, 5 000l water tank,

walled with electric gate and electric fence.

Contact Shumi: 0772 311 269

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EASTLEA

Newly painted starter home. Comprising 3bedrooms, lounge, dining room, smallbathroom, separate guest toilet. Dated

kitchen, scullery area. 2500 litre water tank,single staff accommodation. Proper tywalled on three sides, with sliding gate.


$140K

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$210K

A solid family home comprising spaciousmain lounge, bar, dining room, door

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Lovely and solid family home, 4 beds, 2 en-

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$635K

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Unusual split level home comprising 2lounges, raised dining area, neat kitchen. 4

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garages, double shade ports.Contact Samantha: 0778 915 482/

Marda 0772 241 473

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US$370K

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Contact Shireen on 0772284898

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Contact Anjali: 0778 850 515

BLUFFHILL

$90K

A stunning, thatched home comprises 4 beds, 3

baths, modern kitchen, d/room, lounge, veranda

and beautiful garden, pool and prolific borehole.

Property in a Company name.

Contact Angie on 0773 227 319

$635K

MALCOLM ROAD, BORROWDALE

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