Market price is not determined only by the size and condition of the property. The location, layout, character of the micro-market and the strength of current demand all play a major role.
The pace of sale can differ significantly depending on the type of destination, target clientele and property segment. A proper valuation therefore requires broader perspective and comparison with similar completed transactions.
Pricing too high can reduce initial interest and prolong the process. Undervaluing, on the other hand, means unnecessary loss of value. A well-managed sale looks for a balance between market appeal and the real potential of the property.