How to set the initial price when selling your home
Selling your home can seem a daunting process. The initial price that you put your house on the market will determine its appeal to buyers, and therefore will influence the timescale in which it sells; crucial elements to your happiness and success in selling and moving on to your next property.
Here are pricing strategies that you can consider when selling your home:
RESEARCH SOLD PROPERTY PRICES
You can use internet resources to find out the prices of comparable properties that are on the market and those that have been recently sold, which will give you good indication of a price range for your property. This will allow you to ensure that you are not undervaluing your home or opting for a price that is completely out of the market. Your estate agent will have additional means to find further comparable properties through their databases, and will have insight into the property market as a whole. They will be able to understand how to identify an appropriate value for your property by taking into consideration all aspects such as:
• The age and size of the house
• The number of bedrooms
• The size of the garden
• Parking facilities
• Cosmetic features
• Reputation of neighborhood
• Local schools
• Local amenities
• The condition of the property and its garden
ADOPT AN APPROACH THAT REFLECTS YOUR CIRCUMSTANCES:
Start low, and create competition
If you are looking to speed up the selling process, and want to attract a large amount of interest to your home, then it can often be beneficial for you to list your property at a price lower than recommended. Buyers love to get value for their money so the chances are that a cheaper house will attract several of them within a short space of time. This would hopefully cause a bidding war between buyers, and allow you to complete the selling process in a timely fashion.
Start high, and leave room for negotiation
If you have time to work on achieving the best price possible it could be beneficial to start by pricing your house at a higher value, and only lower it if necessary. If a buyer is interested in your property, then having a higher asking price would allow you to comfortably negotiate with them, which would give them the impression that they are in control, and in turn make you both happy. You never know how much anyone might be willing to pay for a property, so by taking this option you might get more than you expected. You need to trust the judgment of your agent when setting the price however as pricing it too high can leave your home sitting on the market for too long.
MAKE THE PRICE STRAIGHTFORWARD
Many buyers will be viewing houses in automated searches for price, e.g. “£300k and under”, and therefore if your price is even just slightly above this margin, some buyers could miss it. Once you and your agent decide the pricing strategy you plan to use, choose a nice round figure that fits into the online search pricing brackets.
USE AN ESTATE AGENT
Selling a house can be done independently, but by having an estate agent to guide you through the process will undoubtedly provide you with the best means to sell your home. It is their job to know what works and doesn’t; they can help you to achieve the best possible pricing strategy; and they understand exactly what to do to make your selling process as comfortable and uncomplicated as possible. With the ever-changing property market, it is wise to go into it with a strong and steady guide. At Thomas H Wood Estate Agents, we will ensure you get the best quality service and price for your home.
AT THOMAS H WOOD WE KNOW WHAT WE’RE TALKING ABOUT…PUT US TO THE TEST AND GET IN TOUCH WITH OUR TEAM TODAY!
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