Remember, noisy neighbors reduce value …. :)
The price is determined by completely different variables. Given the market situation, you set the price:
- You want to break even, the price is your cost price plus additional costs (450K€)
- You want the new house 1:1 at the "same" price: sales price is cost price of the new house (550-600k€)
- You are patient, want to make money, then set the price outrageously high, wait maybe a year and find the one (stupid) buyer (700k€)
- or … during the viewing the neighbor turns up the radio … (250k€)
I don’t share 11ant’s opinion that a house gets “burned” quickly if it isn’t sold immediately, after all, we’re talking about real estate, with a very limited buyer circle. Before my purchase, I was watching a bungalow from the 70s, detached, 700 sqm plot, 150 sqm living space on the well-known portal in my desired area, the seller wanted 550k€ for the renovation-needy hut, I politely asked if he was new to the market …. the seller held out and after a year the thing was gone. He probably didn’t reduce the price. I saw it significantly cheaper. A few weeks ago another bungalow in the same area was listed for about a week at 600k€, sold …. crazy market.
So for testing you could definitely list the property expensive, floor plan, approximate location, initially no exterior photos and then see ….