Whatever anyone might say about location, condition, proximity to schools, size, etc., it is the price at which a property is initially marketed that is the key to a successful sale.
But emotions often cloud good judgement. The chance to secure a high price can prompt sellers to quote too much, and the house then misses the early buyer activity that is most likely to produce a sale. Quote too little and the resulting immediate sale can fuel resentment as you might feel you could have sold for more.
So the heart must not rule the head here. You may have put a lot of time, love and money into the property and naturally you want your asking price to reflect this. Maybe you need a certain amount to secure another property, or you simply want to track national house-price trends. Perhaps you are taking your guide from a similar property that has recently sold nearby. However, the only thing that really counts is the supply of able buyers in relation to the supply of comparable properties, and what those buyers are prepared to pay in view of such competition.
Local estate agents are the only people who have a handle on both aspects. Armed with this information your agent can make an informed recommendation as to an asking price that will maximise your chances of selling at an attractive figure within a realistic timescale.
Establishing an accurate asking price that will optimise your chances of selling at the highest likely price within a reasonable timescale is both an art and a science, particularly during a time when buyers are especially price sensitive.
Estate agents’ valuations can vary tremendously. Some agents attempt to win your instruction by flattering you with a high but unrealistic suggested asking price -beware! Some, due to inexperience or unfamiliarity with current buyer trends, get it plain wrong – which can cost you time and money. Some are more responsible and advise the right price from day one.
We take the pricing issue very seriously, and much consideration is involved before we recommend an asking price.
As a rule of thumb, ask two or three reputable agents to suggest the optimum market value and base your pricing decision on these valuations. It is important that you quote the right price from day one and achieve or exceed it, rather than quoting a high price and then encouraging low offers. The wrong price attracts the wrong buyers, and fewer suitable buyers view the property – thereby minimising the chance of receiving an offer in any event.
Ultimately the critical part is to select your estate agent on the strength of their service, reputation and marketing plan - not simply on their valuation or commission rate. After all - you’re going to be working in close partnership with them – so choose the agent you prefer!
If you are considering selling your property and would like a carefully considered and qualified view of the likely sale price of your property in the current market, then please feel free to contact one of our sales team on 639955.
Posted on Tuesday, 18 September, 2018