When selling your home, getting the price right can have a big impact on the chances of securing a sale. By setting a price that is too high, sellers risk deterring potential buyers and potentially missing out on the opportunity to sell their property.
A recent survey conducted by GetAgent found that only 36% of properties that reduce their price eventually find a buyer. This statistic highlights the importance of getting an accurate valuation when selling. Here we give some tips on how to ascertain the right asking price.
Do your research
One method of reaching a property’s valuation is to research recent sales data in the area local to the property. This approach uses sales data of similar properties to determine the market value of a property. At least three recently sold and similar properties should be considered when determining the current value of a property.
Think like a buyer
For a buyer, seeing a price come down can reduce the appeal of a property and may even result in a lower selling price than if the property had been priced appropriately from the start.
When setting the price, it’s important to consider the target audience for your property. By pricing it accurately, you are more likely to attract serious buyers who can afford your property. Overpricing can lead to a lack of interest and ultimately prolong the selling process.
Consider all factors
Whilst it is natural to want to achieve the highest possible selling price, remember that the longer it takes to sell a home, the greater the cost of borrowing and the greater the potential for lost or missed revenue. Additional costs such as mortgage interest payments, council tax, and utility bills also come into play.
Additionally, when seeking an appraisal from estate agents, try to avoid automatically opting for the agent that suggests the highest asking price, or offers the lowest rate of commission on their service. The best option is likely to be the agent that has the strongest track record of selling properties in the locality.
Getting the price right when selling your home is crucial for increasing the chances of securing a sale. By pricing your property accurately, you are more likely to attract the right buyers and avoid wasting time and incurring unnecessary costs.
Consulting a Chartered Surveyor can provide an accurate valuation, helping you make an informed decision when setting the price. Contact us to discuss our services for residential properties, including Valuation Reports, Level 2 Surveys and Building Survey Reports.
