When selling your house, getting the right price can be tricky. Set the starting price too low and you could be losing out on thousands of pounds but setting it too high could mean having your house on the market for longer than expected and potentially not selling your house.
Here are 5 ways to help you set the right price:
Get a valuation from more than one estate agent
Getting a valuation from the experts is a great starting point. A good estate agent will be up to speed on local house prices and trends and they can share their experience of previous house valuations and how much they have sold houses for. It’s worth contacting more than one estate agent and then compare the differences in the valuations. Two valuations that are very similar will mean that you have a very good idea what price you should be setting for your house!
Compare houses in the area – that are similar
Use a search engine such as PlaceBuzz to see what other houses in your area are selling for. Try to compare houses that are similar to yours. There’s no point comparing a 2 bedroom apartment with a 4 bedroom house with a large garden!
Ask yourself, are the houses locally selling for the prices you expected? It might be that some houses are lower than expected because they need work on them by a new home owner. Similarly, higher priced houses might have recently been renovated or might be closer to a town centre. You may also be able to get ideas on why your house price should be set slightly higher or lower based on the state of your house and its location.
Consider what you offer that stands out to other nearby houses
After researching online and having a valuation done, you will have a pretty good idea what price your house should be sold for, but you may be able to command a slightly higher price. Finishing off that garden landscaping project you started 6 months ago or adding fresh paint to the lounge may not make a huge amount of difference to the price but it will help to sell your house more easily – and possibly avoid home buyers from asking for larger discounts based on the reasoning that they need to spend more money on the house when they move in.
Think about what you offer or what you can change to help make your house more attractive – but beware of spending too much time and money compared to what you get back when selling the house.
Determine how quickly you want to sell
In some circumstances you may be in a hurry to move. You have found the perfect house and don’t want to lose it, so a quick sale is important and a slightly lower price will help. You must, of course, be prepared to take less money and this may be too much of a price to pay. Alternatively if you have time on your hands then a good strategy is to start with a slightly higher price and consider reducing the price over time if you don’t get much results.
Decide to what level you are prepared to discount
Discounting and negotiation over pricing is a fine art and getting it wrong could cost you thousands of pounds, Added to this, many home buyers are different. Some buyers who can’t decide between two house may like to ‘get a good deal’. They may purchase one very similar house over another because they got a larger discount.
When setting the price, If you are happy to discount then make sure not to set it at the lowest price you want to sell it for. If the negotiations reach a point where the buy won’t buy unless they get a bit of money off then you can at least afford to go that little bit lower on price to finalise the deal.
With this advice on how to set the price of your home you will be able to determine the right price. Make sure to search on PlaceBuzz to find similar properties in your area!