When you’re preparing to sell a property, two factors consistently shape how smoothly the process goes and how strong the final price is. These are an accurate valuation and the condition of the property. At Lea Hough Chartered Surveyors, we frequently see how these elements influence properties that sell quickly from those that stall.
Here we look at how we can work alongside property owners to make the process smoother and quicker.
Accurate Valuation
One of the biggest reasons homes fail to attract buyers is simple: they’re priced too high. Although property values tend to rise over time, the market doesn’t move in a straight line.
The time of year can impact demand and supply, therefore placing upward or downward pressure on property values.
It’s also important to recognise that every area has its own micro-markets. Prices on certain streets may rise more steeply than others. Often, there are external factors that influence property values in micro-areas, such as proximity to a local school.
Overpricing in the crucial first weeks of marketing can cause you to miss the moment when buyer interest is highest. Rightmove’s data reinforces this: sellers are twice as likely to secure a buyer when they accept an offer close to the original listing price. When the price is reduced later, the process can take twice as long.
Condition
Another common stumbling block when selling a property is its condition. Properties that are neither fully updated nor clearly in need of renovation often struggle. Most buyers fall into one of two groups – those wanting homes that are ready to move into and those looking for a full project. Anything stuck in the middle can narrow the pool of potential buyers.
Where renovation work is required, but isn’t priced into the property’s list price, buyers will often be tempted to put forward a cheeky offer. What you may consider a small job to fix may translate into a disproportionately lower offer. So it might be better to complete your own ‘snag list’ before having buyers round to view.
How we guide sellers on condition
During surveys and condition reports, we highlight defects, maintenance issues and unfinished works. From there, we can help you decide whether to repair issues before marketing or to disclose them and price realistically.
If you’ve started modernising but not finished, we’ll advise whether it’s better to complete the update or reframe the property as a project.
Working with an experienced Chartered Surveyor ensures you’re not overlooking the details that influence buyer confidence or the final price.
If you’d like tailored advice in the way of a Valuation Report or a Property Survey, Lea Hough Chartered Surveyors is here to help. Get in touch to discuss the most appropriate report for your needs.
