When selling an apartment, setting the right price affects both how quickly the property sells and the final transaction price. Pricing too low may cost the owner money, while pricing too high can leave the apartment on the market for months and make a later sale more difficult.
The right selling price is not simply a number chosen by looking at property portal listings. It should take into account actual transactions, the specific features of the apartment, competing properties and the owner's objectives.
An asking price is not the same as market value
- Property portals show the prices at which owners would like to sell their apartments.
- However, these prices do not always reflect the prices at which transactions actually take place.
If similar apartments in the same area are listed for, for example, €180,000, this does not automatically mean their actual market value is €180,000.
To determine the right price, both competing listings and completed transactions involving comparable properties should be considered.
What affects an apartment's selling price?
Even apartments of a similar size in the same building can have different values.
Factors affecting the price include:
- location and the building;
- apartment size and layout;
- floor;
- condition of the apartment;
- condition and renovation of the building;
- balcony, parking space or storage room;
- views and natural light;
- utility costs;
- property documentation;
- demand in the area;
- number of competing apartments.
Each property should therefore be assessed individually.
Should you start with a higher price and reduce it later?
This is one of the most common questions when selling an apartment.
At first, it may seem logical to list the apartment at a higher price — if no buyer appears, the price can always be reduced later.
The problem is that a new listing usually receives the most attention at the beginning of the sales process.
If the price is significantly above the market at that point, genuine buyers may simply rule the apartment out.
Repeated price reductions later can raise a different question among buyers: why has the apartment still not sold?
How long should it take to sell an apartment?
There is no single correct sales period.
The speed of the sale depends on the apartment's price, location, condition, demand and the owner's objectives.
Before starting the sale, it is therefore worth answering two questions:
What is the apartment realistically worth in today's market?
How quickly does the owner want to complete the transaction?
If the objective is to achieve the best possible market price and there is enough time, a standard open-market sale is suitable.
If the property needs to be sold faster, it may make sense to adjust the pricing strategy or use a fast-sale approach.
If the money or transaction is needed within a few days, a direct property purchase may be an alternative.
Open-market sale, fast sale or direct purchase?
The right selling price also depends on the sales method chosen by the owner.
An open-market sale is suitable when the aim is to achieve the best possible market price and there is no strong time pressure.
A fast sale is suitable when the owner wants to shorten the sales period while preserving the best possible selling price.
A direct purchase may be suitable when the transaction needs to happen very quickly and the owner prefers a direct purchase offer to a lengthy sales process.
These are different services, and the right solution depends on the owner's situation.
The right selling price starts with the right strategy
The highest asking price does not necessarily result in the most successful sale.
A good sales strategy combines realistic pricing, proper presentation of the property, market demand and the owner's preferred timeframe.
Vendor Kinnisvara helps assess properties in Tallinn and Harjumaa and compare different sales options.
If you would like to know what price your apartment could realistically sell for today, send us the property address or a link to the listing. We will review the situation and help you choose a suitable sales plan.
Article author
Guides owners through a real estate sale in Tallinn and Harjumaa.
