Once you’re ready to put your house on the market, the most important thing you’ll need to get right is your asking price. This is one of the most common downfalls in selling a property and it can have a huge impact on your overall selling experience.
Going too high
When pricing a property, sellers can go in either one of two directions. Typically, sellers want to get as much as they can for their properties. This is completely understandable, given that this was your home and it’s filled with memories. That emotional attachment is worth more than the bricks themselves.
Overpricing your property risks making other houses in your area look like better value for money. Buyers don’t want to pay over the odds, which causes them to overlook your property and leave it sitting on the market for much longer.
Going too low
Then there are those who go lower than they should. By dropping below the average price and offering buyers the chance to get a bargain, they hope to tempt buyers and sell their property as fast as possible.
However, buyers might wonder why the price is so low and be hesitant to make an offer. If they’re confident that your house is in good condition and they decide to make an offer, then you could end up losing out and sacrificing your profits.
How to set the right price
Both over and underpricing your property have their issues, but setting the right asking price can be tricky. When it comes to valuing your property, you need to take into account multiple factors both locally and nationwide.
Professional valuations
Getting professional advice should be your first step. By going to a Shropshire estate agent, you can tap into their wealth of knowledge about properties in your local area. They will be able to recognise the sort of factors that would affect the value of your own property within local and national contexts.
The price of your property will generally come down to location and the property itself. The overall impression of the surrounding neighbourhood can affect the value, along with schools, transport links and any other local amenities. When it comes to your house, everything from the size and finishes to gardens and kerb appeal will be taken into account. Even the potential to expand or improve a property will need to be considered.
Once you have their valuation, you can also start doing your own research. Their price doesn’t have to be the one you go with, and if you can find a valid reason to disagree with their valuation, then you can set the asking price to what you feel is right.
Market research
As soon as you start thinking about selling your house, we recommend doing weekly checks to see what’s on the market. That way, you can keep track of how long properties are on the market and how often they reduce their prices.
You can also look at the sold prices on sites like Rightmove to compare the asking price with the final sale price. This will give you an accurate idea of what buyers are willing to pay for properties in your area.
And remember, buyers also have access to this data, so they’ll be able to tell if a house is overpriced or not.
Think like a buyer
Buyers will want to get the best deal they can on your property, so make sure to factor in negotiations. Once you’re happy you know the value of your property, add a 5-10% margin. That way, you’ll have a better chance of securing a price that is fair for both you and your buyers.
It’s also a good idea to consider price brackets. Online property portals like Rightmove give buyers the option to filter their results according to their budget. For example, if you would be happy to accept £250K but market your property at £255K to allow for negotiations, you could end up excluding many potential buyers. If they set the filters to a maximum of £250K, then they won’t see your property.
In this case, it might be worth marketing your property at ‘Offers in excess of £250K’. That way, you let buyers know that this is your absolute lowest while also casting a slightly wider net.
Sale strategy
The final point you need to think about is your sales strategy. The asking price will have a big impact on the speed of your sale, which means it will also depend on your own timeframe.
If you need to secure a quick sale, then you’ll want to go lower. This will not only appeal to buyers looking for a bargain but will also give you more chance of attracting cash buyers who can help streamline the rest of the process.
However, if you’re in no rush to move, then you can take your time and wait for the right buyer to come along. Start at the higher end, and if there’s no interest, then you can always go lower. This could mean your property sits around for a while with buyers wondering why, but if you’re not in a rush, then you could always take it off and start again later.
Friendly advice for properties in Shropshire
If you’re thinking about selling your property, then get in touch with our team to arrange your free valuation. Our agents have expert knowledge about the property market within Telford and the surrounding area, and we’re on hand to offer any advice you need.
Once you have your valuation, we will be happy to answer any of your questions and give you more information about how we decided on the figure. And don’t worry if you want to go higher or lower, we’ll take into account your personal situation and help you get a price you’re happy to accept.
Get in touch today and start selling your property with Telford’s best rated estate agent.
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