With the gap between asking prices and sold prices reaching £27k, how do you ensure your house is priced to sell for the optimal amount of money?
Let us look at the factors that determine your asking price, and this applies to all properties, big and small, new and old, even those being sold straight from a developer.
Please note, this is not how the bank will value your home, this is about market value, setting an asking price for your home that will get it sold for a reasonable amount of money in a reasonable time.
Important factors on the value of your home:
- The current state of the market, are there more buyers than sellers (seller's market) or are there more sellers than buyers (buyer's market)
- What is the current condition of the property?
- What is your competition?
- What has recently sold in your area?
What does your property have to offer?
These are also in the order of importance.
Revisit which properties in the market are your competition. Moreover, as a buyer try and decide why some are worth more than others. Place yours on a scale in that range.
Do all of this objectively, prospective buyers definitely will.
After this it comes down your circumstance, how eager, desperate or not bothered are you to sell? To be competitive, realistic and achieve a reasonable price in a fair amount of time for the market conditions, I like to and have for years followed the guidelines of the pioneer David Knox
I love pricing strategies, so if you are interested in that as a discussion, let us talk over some good coffee.
Remember: Set your asking price realistically, you are likely to have the most visibility and activity in the first few weeks after your property goes on the market. You do not want to lose out on potential buyers by setting your asking price too high and "testing the market."
Your home is worth what someone is willing and able to pay for it.
I would love to hear your thoughts on this matter. As a buyer how did you decide what to pay for the last property you purchased.
We are soon launching an affordable tool for you to get an indicative asking price for what we would likely look to sell your property for if we were to put it on the market right now. If this would be of interest to you, register here for 10% off the launch price. The asking prices will be worked out by a real human being with years of experience and market knowledge supported by loads of data.