HOW TO VALUE YOUR HOUSE
WHERE TO START?
One of the toughest bits to get right when you’re selling property – and therefore one of the best reasons for instructing an estate agent – is gauging the asking price.
There are tools on the portals you can use these days to establish what similar homes in your area have sold for. If you have an address to check against, selling prices are also available from the Land Registry.
However, a good estate agent should also have a finger in the wind and be able to tell you if the current trend has been upwards or downwards and base a sensible figure on the features your home has to offer.
Get it right and you could be on your way to a new home pretty quickly; get it wrong, and your property could be sitting on the market for ages. A small reduction could be all it needs but, if you have to make several downward adjustments, buyers watching may suspect there’s something wrong and then it becomes even harder to get a move on.
So, in the current climate – with the ramifications of Brexit playing on the nerves, rising interest rates and the reservoir of affordable stock dwindling as some potential movers opt to stay put for now – how about a bit of advice?
First, don’t pitch too high…
It’s not uncommon for some estate agents to persuade you to stick and extra £20k on top of the price you would expect simply because they want your business. Of course we want the most we can get for our home, particularly if we’re on a tight budget, but if your gut feeling is that the figure you’ve been quoted seems over-ambitious, listen to it.
At least check it out, perhaps by asking for additional valuations from other estate agents or against Land Registry information on any similar homes which have sold near you.
Don’t pitch too low…
Once we decide we’re moving, it’s natural to want to get on with it as soon as possible and a competitive price can be key when it comes to a quick sale. However, if you go too low, you may find potential buyers are suspicious and, even if they can’t pinpoint any issues at a viewing, their own gut feeling may be to steer clear.
Keep it real, ask for what your home is worth on the current market and …
If you’ve seen a “sold” board go up outside a nearby property when yours has been on the market longer, it’s natural to feel disappointed. However, it doesn’t necessarily mean your home is going to be forever left on the shelf.
You don’t know the reasons why the buyer chose that home over yours but they are likely to be many and varied. Size, décor, or interior features you’re not aware of could be just some of them.
Okay, if you’ve had no viewings and your house was first advertised six months ago, then fair enough; you probably need to ask your estate agent some searching questions.
However, it’s only been a few weeks there’s every chance your buyer is still out there. Give it time; but, in the meantime, why not get Tweeting or post on Facebook? Anything you can do to add to your audience isn’t a bad thing.
We’ve attached a recent article on statistics released this month by Rightmove as guidance but, should you need any further advice, feel free to drop us a line or give us a call.
Alternatively, why not browse our blog for earlier articles on buying and selling your home. Just click on the links for more details.