Setting the asking price
Setting the asking price
When you have taken the decision to sell, setting the right asking price is perhaps the most important aspect of marketing your property. But how do you know what the right price is?
The media will regularly carry storeys of how the property market is fairing with reports issued by various organisations including the Halifax, Nationwide, Rightmove and Land Registry. These reports offer a range opinions as each is prepared using different sets of data. While they give an overall indication of the market, they are unlikely to accurately predict the price of your property. It's essential to realise that housing markets are local.
Even within local areas there can be a number of micro markets. Prices can vary significantly from one end of the road to another.
You may have looked on websites to see how other properties in the area are priced. You may have checked to find out how much similar homes on your street sold for. But remember every property is unique. Houses in your road may look the same and appear to offer the same accommodation but each will have its own interior style and features which can significantly affect the demand and therefore the sale price.
Our staff are well versed in local market, they will be able to accurately guide and advice you on the current conditions and demand for property.
If your circumstances allow it can be tempting to price high and see what offers come in. But be careful - an incorrect price at the outset will mean that your home could linger unnecessarily.
Buyers have more knowledge and are able to easily compare prices. They won't even bother to view a property that is blatantly over-priced or has been on the market for some time.
So it's more important than ever to set the right price from the beginning.
When we come to see you to carry out our marketing appraisal, explain your reason for selling and if you are under any time constraints, as this will have a major bearing on our marketing plan and the final asking price.
Given your personal circumstances and the likely demand for the type of property you are selling we will be able to advice on the best marketing strategy for you and give a realistic sale price.
Our advice on price will be carefully based on local market conditions; what else has been sold or is available for sale. We will also give you an indication of the buyers we have that may be interested in your home.
Another important aspect to setting an asking price is knowing what you're prepared to accept - there are two figures to be aware of - the amount that you would like to achieve and the figure that you are prepared to accept.
Having a clear idea of these at the outset will help you to price your home and also make your agents negotiations with buyers more straightforward. You need to be realistic.
Don't put a value on sentimentality - The memories that make the house so valuable to you aren't shared by the buyer. More likely, they are thinking about what they will change about the house!