Pricing Your Property for Success: Don't Fall for These 3 Common Mistakes - New Gen Home

Pricing Your Property for Success: Don’t Fall for These 3 Common Mistakes

Setting the right price for your property is crucial when it comes to achieving a successful sale in Singapore. Homeowners often make common mistakes, such as setting the price too high or too low, failing to consider market trends, and ignoring the unique selling points of their property. In this blog, we will explore the top 3 mistakes that homeowners make when setting the price of their property and provide practical tips on how to avoid them. Additionally, I will provide tips on how to price your property and increase your chances of achieving a record sale price.
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Why price your property right?

One of the most critical factors in selling a property is determining the right price. Setting the price too high may deter potential buyers, while setting it too low may result in a financial loss. Thus, the significance of accurately pricing your property cannot be emphasized enough. Appropriate pricing can lead to a faster sale at a higher selling price for homeowners.

As a result, meticulously and correctly establishing your property’s price should be a vital element of your marketing strategy. In this article, I will discuss the 3 most prevalent errors homeowners frequently make when setting their property’s sale price. Additionally, I will provide a step-by-step guide on how to locate the ideal buyer and attain the highest possible sale price. 

Mistake 1: Pricing your home on what you think it is worth

Negotiating a home price icon style

When selling a property, one common mistake homeowners make is pricing it solely based on its worth, rather than considering its perceived value in the market. A property’s worth is determined by various factors such as its location, size, and condition.

On the other hand, the perceived value of a property refers to the price buyers are willing to pay for it, taking into account the current market conditions. For instance, a homeowner may have spent a lot on renovations and believe their property is worth a certain amount. 

While renovations can make a home more attractive to potential buyers, it does not necessarily mean that buyers will be willing to pay a higher price for the renovations. Homeowners must understand that their renovation taste may not align with that of potential buyers, who may have different preferences. In addition, the cost of the renovation may not translate directly to an increase in the home’s overall value.

Therefore, it is crucial for homeowners to keep an open mind when pricing their property and take into account the preferences of a broader range of potential buyers to ensure they can attract the most significant interest and secure the best possible return on investment.

Mistake 2: Not monitoring the transacted prices in your estate

Losing profits on home sale, icon style

When pricing your property, it’s easy to make the mistake of not keeping an eye on the competition. But it’s important to know where your property falls within the price range to set the right price. If you set the price too high, it might discourage potential buyers, and if you set it too low, you could end up losing out on profits. Keeping tabs on your competition’s pricing can help you determine the value of your property and how it stacks up in the market. It’s also helpful to take note of their strategies, like price adjustments or renovations.

Failing to compare similar properties in the area could result in inaccurate pricing and missed opportunities. Checking out the prices of transacted properties can give you valuable insights into the current market and help you set the right price to sell your property quickly. That’s why keeping a close eye on the competition is crucial in making informed decisions when pricing your property.

Mistake 3: No clear pricing strategy

No clear pricing strategies

When homeowners put their property up for sale, they often make the mistake of not having a solid pricing strategy in place. Some may set their asking price higher than what it’s really worth, hoping to have room for negotiation. However, this tactic can cause potential buyers to lose interest fast. Conversely, setting a price that’s too low could give the impression that something is wrong with the home or that you’re desperate to sell.

To avoid these pitfalls, it’s important to do your research and compare your home to similar properties in your neighborhood. Consider factors such as your home’s size, location, condition, and any recent upgrades or renovations you’ve made. It’s also important to be realistic about current market conditions and the economic climate. Having a clear pricing strategy in place can help attract serious buyers and increase the chances of a successful sale. Remember, the price you set can greatly affect the impression of your home and ultimately impact its sale.

What you should do instead when pricing a home for sale 

Determine your flat market value or get a property valuation 

When you’re looking to sell, rent, or refinance your flat, it’s crucial to determine its market value. This typically involves a property valuation, which is an estimate of how much your unit is worth. While it’s impossible to accurately value your flat, consulting with a licensed real estate agent can give you a good idea of its market value.

The market value of your flat is determined by the current demand and supply of similar units in your area, taking into account factors like location, age, size, condition, and amenities. To set a fair selling price, it’s important to gather relevant information and data, such as recent sale prices of similar units in your area, the current state of the housing market, and any unique features of your flat. With a reliable property valuation, you can also make informed decisions about selling, renting, or refinancing your flat.

Take note of pricing advantage e.g privacy facing, premium view

When selling your home, it’s crucial to examine the unique site advantages your property offers to attract potential buyers. These benefits can range from a stunning view of the ocean or mountains to a peaceful and private location. Properties with premium views or desirable corner unit positions typically come with a higher price tag because they provide an exclusive selling point that sets them apart from other listings. In addition, if your unit type is a well sought-after configuration that developers are not currently developing, such as HDB Executive Apartments (EA), it can command a price premium.

HDB Executive Apartments are particularly sought after in Singapore because they offer more space than regular HDB flats, making them ideal for larger families or those who value spacious living areas. Executive Apartments usually have a floor area of about 130 square meters, including a living room, dining room, and four or five bedrooms.

If your property offers any of these site advantages, it’s important to highlight them in your listing. Buyers who value privacy are especially attracted to homes that offer a secluded environment and are willing to pay a premium for it. So, keep these features in mind when pricing your home. Even if your asking price is above the market average, buyers looking for specific site advantages may be willing to pay more for them. Ultimately, emphasizing your property’s unique features can help you attract potential buyers and sell your home faster.

Conduct a competitive market analysis (CMA)

If you’re planning to sell your house, pricing it correctly is crucial. One of the main factors to consider is analyzing the competition. Take a look at other homes for sale in your area or similar neighborhoods and compare their purchase price to get an idea of the market value.

Consider factors such as the size, amenities, location, and condition of your home and identify what sets it apart from others. This information can help you determine a fair price for your property. Overpricing your home can lead to it sitting on the market for an extended period, while underpricing it can result in not receiving the full value of your property.

Therefore, it’s important to consider your competition before determining the price for your home. By understanding what other homes are available, you can set a fair and competitive price for your home that will attract potential buyers.

Adopt The Right Pricing Strategy

When selling a property, it’s important to use effective pricing strategies to attract potential buyers and get the best possible return on investment. Here are three popular strategies:

  1. Comparable market analysis (CMA): This involves evaluating similar properties in your area that have recently been sold or are currently on the market to establish a competitive listing price.

  2. Penetration pricing: This strategy involves pricing your property slightly below its market value to attract more potential buyers, resulting in increased interest and multiple offers that could drive up the final sale price.

  3. Psychological pricing: This strategy involves setting the price at a slightly lower round number to create a subconscious perception of better value among potential buyers.

Ultimately, the strategy you choose will depend on your personal needs and goals, such as whether you want to sell quickly or maximize profit. It’s important to work with an experienced real estate agent who can help you navigate the market and achieve your desired results.

Monitor the market

When it comes to selling a property in a particular estate, early and consistent marketing is crucial. Keep track of the sold units in the area to determine a suitable price range for your property. If your property remains unsold for an extended period, it may be an indication that the asking price is too high. Regularly reviewing and adjusting the price to fit the market can help attract potential buyers. It’s also important to pay attention to the days on the market for similar listings, as this will give you an idea of how long it may take to sell your property. Additionally, take into consideration the overall condition of your home. If it needs repairs or renovations, you may need to set a lower price point to entice buyers. Although adjusting your home’s price may be challenging, it is necessary to include it in your marketing strategy. With the right pricing approach, your property stands a better chance of attracting interested buyers and selling quickly.

Frequently Asked Questions (FAQ)

You can price your property by getting an appraisal done or a property valuation from a licensed real estate agent.

If you would like see how much should you price your property, you can click on the link here and get a home valuation report done for free. No questions asked. 

Additionally, you can research the recent transacted prices  in your area to get a good idea of the property market.

Asking price is the initial price at which the property is listed for sale. Sales price is the final price at which the property sells after negotiations between the seller and buyer.

Setting the price within the appropriate range will help you sell your property in a timely manner. However, setting the price lower may not always guarantee a fast sale as too low a price may not reflect the true value of your property, resulting in potential buyers not finding the listing credible.

In conclusion

In conclusion, selling a property can be a daunting task, but with the right pricing strategy and marketing approach, it can be a seamless and successful process. Remember to evaluate your competition, monitor the market, and adjust your price accordingly. If you need help determining the value of your property, feel free to click on the link here. I will be more than happy to help you navigate the complexities of the real estate market and guide you in achieving your desired results.

Free online resources

  • Urban Redevelopment Authority (URA)
    • Pros:
      • Provides a comprehensive range of data on the Singapore property market, including transaction data, property price indices, and supply and demand statistics.
      • Data is collected and analyzed by a government agency, so it is likely to be reliable and accurate.
      • Includes information on upcoming developments and planning policies that could impact the property market.
    • Cons:
      • Data can be technical and complex, making it difficult for inexperienced users to understand and interpret.
      • Data may be limited to publicly available sources, so it may not be as comprehensive as other sources.
  • PropertyGuru


    • Pros:
      • Provides a large database of property listings that can be sorted by location, price, and other factors.
      • Offers market insights and trend reports that can provide useful context and analysis of the real estate market and market sentiments.
      • Allows users to see past transactions for various room types and make effective comparison. 
      • User-friendly interface that is easy to navigate and use. 
    • Cons:
      • Data may not be as comprehensive as other sources, as it is limited to the properties listed on the website.
      • Fake listings generated by realtors might provide wrong pricing insights as compared to actual market sentiments. 
      • May not include data on off-market or private transactions, which could limit its usefulness for certain types of analysis.


    • Pros:
      • Provides a large database of property listings that can be sorted by location, price, and other factors.
      • Offers market insights and trend reports that can provide useful context and analysis of the real estate market.
    • Cons:
      • Similar to PropertGuru, data may not be as comprehensive as other sources, as it is limited to the properties listed on the website.
      • In-depth market insights and price trends comparison is limited to realtors and not publicly available for free. 
  • EdgeProp
    • Pros:
      • Offers a range of news and analysis on the Singapore real estate market, including trends and project updates.
      • Provides data on upcoming developments and planning policies that could impact the property market.
    • Cons:
      • You need a paid subscription to generate a home report. 


Online free resources can provide insights on price trends but they often lacked in-depth data such as transacted price of a specific unit and tower view for comparison of similar stack with similar view (pool view, sea view etc). 

In-person viewing is essential to fully understand a property’s condition, layout, and surroundings. 

Additionally, local knowledge is critical, as realtors who specialize in an area have information about the neighborhood, schools, amenities, transportation options, and other factors that can affect property value, which may not be available online. 

If you are looking for access to exclusive market data and valuable insights into market trends, pricing, and other factors, you can click on the link here to receive your free home valuation report. 

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