Deciding on the asking price

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 early buyer activity. Quote too little and the resulting fast sale can fuel resentment as you might feel you could have sold for more.

So we need to ensure that the heart does not rule the head. You may have put a lot of time, love and money into the property and naturally want the price to reflect this. Maybe you need a certain amount to secure another property, or you simply want to track national house-price trends.

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. 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.

Do a little homework

You can get a feel for market worth on some websites. Whilst online tools don’t offer accurate assessment of the finer details, they will at least arm you with the knowledge you need to judge the validity of an agent’s initial valuation.

Ask to be shown how your property compares

When your agent presents their valuation, ask them to show you examples of property currently on the market like your own and how they used these to determine their proposed asking price.

Related Pages