You have a flat for sale and are wondering what price you can get for it in Tyrol?
Time and again I see properties that are offered at utopian prices and do not sell. Other property sellers, on the other hand, charge too little in my estimation and give away part of their property.
To ensure that you do not suffer any financial damage due to an incorrect selling price when selling your flat, I would like to tell you in this article about 4 factors that influence the selling price.
If you know these, you can set a fair market price for your flat and thus sell it profitably.
Selling a flat: The price depends on these 4 factors!
As a real estate agent in Tyrol, I advise you to base the price of your flat on the following 4 aspects:
Factor #1: Supply and demand
The more prospective buyers you have for your flat, the more likely you are to be able to set the selling price a little higher. If you do not have any prospective buyers due to various circumstances, you may have to accommodate their price in order to sell the property.
Factor #2: Macro location
The macro location refers to the surrounding region in which the flat is located. Is it located in a city or in a more rural area - for example, in a valley or on a mountain? As a rule, you get more money per square metre for a flat in the city.
Factor #3: Microlocation
The micro-location refers to the surroundings of the flat. Is it a centrally located flat in the town or village centre or is it in a commercial area? The surrounding infrastructure - shopping facilities, schools, parks, etc. - plays an essential role for the value of the flat.
Factor #4: Size
The size of the flat or plot of land is also an important factor in determining the selling price.
Note: The larger the flat, the lower the price per square metre you can charge.
Tip from an estate agent: Increase the price when selling a flat through optimal presentation and good marketing
If you take the above factors into account when determining your selling price, you are in any case on the safe side of receiving a fair market amount of money for your flat. However, you can still get a bit more money out of it with 2 little tricks.
Trick #1: Optimal presentation of the flat
When you sell your flat, you should present it in the best possible way. In order to have beautiful pictures for your advertisements, you should clean the flat thoroughly once again and photograph it from the best angles.
Trick #2: Proper marketing
You can certainly think of numerous online platforms and newspapers where you could advertise your property. Not all of them are equally profitable and, strictly speaking, in Tyrol, placements in 3 online portals are usually sufficient.
You can find out which 3 portals these are and why you can quickly get offers with them in this article: "Advertise your house properly: How to get good offersquickly". With the right marketing, you can save on marketing costs and quickly receive serious offers for your home.
Why am I so insistent that you set the right selling price? As I mentioned at the beginning of the post: The wrong price can have negative financial consequences.
Incorrect sales price leads to financial losses
No matter whether your asking price is too high or too low: You suffer a financial loss.
If you sell your flat cheaper than the current market price, you give away part of the flat. The buyer will be happy, you probably less so.
If you now think that you should just charge more for your flat as a precaution: You shouldn't. If the estimated price is too high, real estate professionals will see their chance.
These professionals then sell their flats cheaply and you no longer have any interested parties for your flat. Your property stays on the market for a long time and thus becomes worth less and less. So we are talking about a downward price spiral....
The result: at some point you sell in frustration to the next best prospective buyer or to one of the real estate professionals. As a rule, you then get much less money than the value of the flat.
Conclusion: A fair market price protects you from financial damage when you sell your home!
As you can see, the right selling price is crucial for the successful sale of a flat - at least from your point of view as a seller.
Now you could say that you don't announce the selling price at all in advance, but only reveal it to the prospective buyers during the viewing. I would advise you not to do that, because then you don't know whether interested parties can afford your flat at all or want to.
So you would have the time spent on communication as well as the viewing, only to find at the end that the potential buyer is looking for something cheaper.
It's like bait: there is a certain target group at a certain price that you want to catch. An offer without a price is simply not specific enough to catch the right buyer.
That is why it is essential for sales:
- to quote a price at all, and
- set a price in line with the market.
If you are not sure how much you can ask for your flat, you should seek the advice of an expert for real estate in Tyrol. He or she can determine the value of your flat.
You want to sell above market value? Then selling with an estate agent could be something for you. An estate agent can help you get a bit more money out of your property and, above all, enforce the price in a legally secure way.
I would be happy to clarify how this works and other questions about the sales price with you during a free, non-binding initial meeting.
Feel free to contact us by phone(+ 43 512 580 242), by e-mail(immobilien@arealita.at) or our contact form.
With kind regards
Yours, Bernhard Großruck
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My name is Bernhard Großruck. I work as a real estate agent and appraiser in Innsbruck and would like to give you helpful tips about real estate in this blog.