Getting the pricing wrong can result in you losing money or buyers
If you overprice a property and it doesn’t sell, you may then significantly reduce the price to create interest. You risk creating the impression that there is something wrong with the property or it is undesirable. Conversely, if you price the property too low, you risk selling it undervalue and not achieving the best price, as putting the price up when interest has already been shown only serves to create distrust.
Where do you start?
Kickstart the sales process by doing your own research to see what is happening in your local housing market. Speak to the local agents in your area and ask about recently sold properties. You should look to compare houses that have similar features to yours – and what price they are on the market for now. How do you get the most accurate idea of what you could sell for? For this, you’ll want to seek professional advice from local estate agents. They have a wide range of experience and are there to help make the sales process as seamless as possible. They can help give you an idea of what buyers are looking for, advice on how to add value to your home as well as a view of your local property market.
How does a valuation work?
Pricing a home takes into account a huge array of factors - things like the number of bedrooms, public transport facilities as well as wider market conditions. But buying a home isn’t a technical or scientific process - emotions often come into play. Things like whether the property overlooks a greenbelt or whether it has character features or unique trimmings.
Should you price above or below the valuation guide price?
The valuation gives an accurate estimate of what your property could sell for. At your expert valuation, you can ask the agent as many questions as you like. We would recommend setting a realistic price - although some sellers like to price above the valuation guide price. Thing is, the more realistic your price is, the more buyer interest you'll receive. More buyer interest means it’s then easier to negotiate the price up if you have a number of people interested. Some expert advice on pricing and selling your home… It’s your home. You’re attached to it and it holds so many emotional memories. Our advice is to distance yourself as much as possible. Your local agent will always give you an honest, expert opinion and will always justify the price they give. Good questions to think about when selling - and to ask at your expert valuation are:
'What's the highest price my house could sell for?' And 'What price will generate the most interest in my house?'
Well done for making it to the end. You’re now equipped with all you need to start your sales journey. Why not take a few minutes to set up a free expert valuation on your home? All you have to do is fill out a couple of contact details and one of the experts in your area will be in touch. It’s the best way to find out what your property is worth.
After your valuation, you can work with the agent and decide whether you're prepared to play a waiting game for a higher price or whether you’d like to sell quickly. Whatever you decide, it all starts with a valuation…