How do you know the price that your home will sell for? Let us talk pricing strategy and give you some tips for getting it right and not falling for underhand sales tactics.
When you sell your home, it goes without saying that you want to get the best price you can. But what many home sellers don’t know is that you only have two weeks to make a good first impression. This is when the house first goes on the market and is listed on Rightmove, Zoopla, or OnTheMarket.
When selling a home, it’s important to set the right price from the start because it will bring in more possible buyers and make people more interested in the property. According to data from property sites, a property will sell twice as fast if the price is never lowered. If you get the price wrong at first, it can take a long time (and probably cost you money) to fix.
When a property is first put on the Internet, it will be sent to everyone who has signed up for the “new property alert” option and is looking for that type of property in that area. You really only get one chance to be on the property alert register, unless you take the house off the market for 14 weeks or lower the price by 2% or more: For example, if you’re selling for £400,000, you’d have to lower the price by £8,000 or more to get back on the portal’s quick alert emails. This would let the most interested buyers or renters know about the new price and make them more interested in the property. Also, when a house is first put on the market at a higher price and then the price goes down, it can give the impression that there is something wrong with the house or that the seller is in a hurry to sell. This can turn off potential buyers and make the house stay on the market longer.
Pricing the home correctly based on its market value and condition makes it more likely that buyers will be interested and that there will be more competition for the house. When owners think a home’s price is fair, they are more likely to make an offer and negotiate. If you’re really brave, go lower than the price you want to get and ask for “offers in excess of” the guide price. This really will get more people to look at your house, and many happy sellers will tell you that once a potential buyer walks in the door and sees “competition” from other buyers, the offer price often goes up and up.
It’s important to remember that figuring out the right price for a property can be a complicated process that depends on things like its location, health, recent sales in the area, and the current state of the market. Getting help from a trustworthy real estate agent or valuer can help you set the right price for your home and improve its chances of selling quickly. Some unscrupulous estate agents may offer an inflated or higher asking price in order to get the homeowner to instruct them or list their home: People often call this “buying the instruction” or “buying the listing.”
This strategy is meant to attract homes that may be more interested in a higher asking price because it gives them the impression that they could make a bigger profit. It is human nature to “mentally spend” the money you think you will be getting, even if it is just a pipe dream. It’s important to remember that not all estate agents do this, and many good ones try to give accurate and sensible valuations. You can be sure that it’s something we will NEVER do at Urban Property.
Before deciding on an asking price, it is always best to do a lot of research and get multiple valuations from different agents. To get a more accurate estimate of your property’s value, you might want to compare their recommended prices, look at recent sales data for similar properties in your area, and talk to professionals like valuers or surveyors. It’s also important to keep in mind that you should look at “sold” prices, not “for sale” prices, because “for sale” prices don’t show what the real price will be for the home. It’s true that land registry data isn’t available as quickly (it can take 6–9 months to show up online), which is why local estate agency valuers can give you the “under offer” or “offer accepted” prices when giving you similar evidence.
In the end, it’s important to work with a real estate agent who is honest, open, and knows the local market well if you want to sell your home for the right price. So if you are thinking of selling your home, we would LOVE to hear from you.