The recent market has proven difficult. Buyers are more critical than before. As a seller, you can’t just slap a price tag on your house without thought. You need to look into the market, compare prices with the houses around the house and get your home valuated.
In the Kenyan housing market, home prices are increasing at a rapid pace than they have over the last eight years. The increased supply of listed homes and high demand from buyers has pushed prices to rise rapidly.
In the mind of the homeowner, annual home price appreciation over 5% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal.
The question is- are you as a homeowner seeking to refinance your home believing your house is worth more than what an appraiser’s evaluation of your home is.
Over the last years, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78%. This is important for homeowners to note, as even a 0.78% difference in appraisal can mean thousands of shillings that a buyer or seller would have to come up with at closing (depending on the price of the home).
In the Kenyan market, you need an expert agent who can help price your house right from the start. Homeowners who make the mistake of overpricing their homes will eventually drop the price. This leaves buyers wondering if the price drop was caused by something wrong with your house. In reality, nothing is wrong- the price was just too high!
The Bottom Line
If you are planning on selling your house in today’s market, let’s get together to set your listing price properly from the start! We will be happy to start the adventure with you.
Related:Why hire us to sell your house