Once you make a decision to put a property on the market, how do you know how to price it accurately? Here’s five tips for home – sellers:
- Remember housing markets are local
While national reports on house price trends can provide a useful indication of the state of the wider property market, it’s essential to realise that housing markets are local. Even within local areas there can be a number of micro markets. Make sure you do your research into how house prices have been affected in your region, town – even street. Take a look on websites like www.propertylive.co.uk to see how other properties in the area are priced. Also check to find out how much similar homes on your street sold for; a number of websites provide this information.
- Be aware of trends and price accordingly
It’s not enough simply to understand how houses are priced in your area at the moment – it’s also important to know the direction that they are travelling. This can also help you to price cleverly. For example, if prices are dropping by one per cent every month and you want to sell within three months – drop your price by three per cent at the outset. This will give you a more competitive price and increase the chances of getting a good offer. Additionally there are areas and types of property where prices are still increasing.
- Ask the professionals
Often the easiest way of getting the most up-to-date information you need is to consult a respected, local professional. A professional agent can be invaluable in the selling process.
- Put yourself in the buyer’s position
You need to be realistic when you price your property – the memories that make the house so valuable to you aren’t shared by the buyer. More likely, they are thinking about what they will change about the house! There is no point putting a value on sentimentality.
- Know what you’re prepared to accept
There are two figures to be aware of when you are selling your property – the amount that you would like to receive and the figure that you are prepared to accept. Knowing both of these at the outset will help you to price your home and also make negotiations with buyers more straightforward.
