How to Determine the Realistic Price of a Property

Factors That Determine Price

The following have the greatest impact on market price:

• Location and micro-location: street, neighborhood, proximity to schools, transport, parks, and amenities
• Square footage and room layout
• Floor, elevator, terrace, view, and orientation
• Property condition: renovated, well maintained, or needs investment
• Parking space, garage, or parking availability
• Building quality, age, and maintenance
• Legal status, ownership, mortgage, and documentation
• Active competition and current market demand

Why the Listed Price Is Not the Same as the Real Price

The price you see in listings is often a starting price for negotiations, not the price at which the property actually sells. That is why it is important to compare listed prices with completed sales and track how long similar properties stay on the market.

Common Pricing Mistakes

Owners often set a price based on personal expectations, the amount invested in renovation, or old listings that did not sell. A price that is too high reduces the number of serious buyers, prolongs the sale, and often leads to a later price reduction.

Online Valuation, Agency Valuation, and Bank Valuation

Online valuation is useful for a quick orientation, especially for standard apartments in locations with enough data. Agency valuation helps determine a realistic listing price for sale, while bank valuation is used for loans and mortgages and may be more conservative than the market price the seller expects.

When to Adjust the Price

If a listing gets views but no calls, the problem may be presentation. If there are calls but no serious viewings or offers, the price is often too high. In practice, it is useful to analyze results after a few weeks of advertising and adjust the price, description, photos, or target audience if needed.