Setting the right price for your property can be quite tricky. If you price it too high, you’ll either drive people away or get them to make lower than usual offers. Set it too low and they’ll try outbidding each other. The thing is though, the longer your home is sat on the market, the more likely it will reach its natural price… eventually.
Ideally though, you want to make sure it is set at the right price from the outset – as that will ensure a speedy sale. So how do you determine what price to set it at?
Do your own market research. Find recent sales in your area and get an idea of the type of price they went for, as well as the overall condition the property was in. This will give you a guideline to measure your property against and see how your home measures up.
You can check recent sales online via sites such as Right Move or Zoopla, but you can also ask the local estate agents too. Find out what’s currently sold and ask several estate agents to give you a valuation on your property.
Don’t overprice your property
Overpricing your house can end up being sold for less, as people will avoid it until you’ve discounted the price – and that could mean getting even less than you would’ve got, if you’d priced it competitively in the first place. Anyone who does show an interest in it will only end up getting their own appraisal done and that will show the true fair price for your property type.
Pricing your property too high can deter the right buyers, especially if they’ve done their own research prior to visiting the estate agent. By putting an inflating price on your property, you could be moving it out of your ideal buyers target price range and into one with larger houses to compete against.
Any potential buyers will also see your property online for a while and will then make the following assumptions:
- There’s something wrong with the property
- It’s overpriced
- There’s something less than desirable about the location
Ensure you’ve shown your property in the best light
Finally, it’s worth making sure you’ve done all you can for the property, prior to putting it on the market. This includes carrying out any maintenance that needs doing and ensuring you’ve presented it in the best possible light (as per my recent blog post).
If you’d like me to review your online presence on Zoopla or Right Move, why not take advantage of my special offer of an online Critique for only £25? If you’d like to book your critique, please give me a call on 07889 021140
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