21 Jul '15, 4am

Understanding the Role of X-Value and Competition in Property Pricing

When you visit the supermarket, determining the price of a bag of rice is straight forward. The store affixes a price tag to the bag. In the case of rice, you are a price taker. If you find the price acceptable, you pay the price and take the rice. If you don’t like the price, that’s too bad. You get no rice. Purchasing a home is much more complicated. There’s no price tag affixed to the home. Yes, there’s an asking price, which is also known as the listing price. However, as the name implies, it is just the asking price. For the final price to be reached, a willing buyer and a willing seller must agree on a price through the process of negotiation. When a seller and his or her agent put a home on the market, they will typically consider the X-Value of the home and the competition. X-Value SRX Property’s computer system, which includes analytics software and databases, arr...

Full article: http://www.srx.com.sg/ask-home-prof/9361/understanding-th...

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