Valuing your homeNo matter how long you are traveling down the wrong road, when you figure it out, turn around. " Overpricing is a two-edge sword. If a property is receiving little activity, it is overpriced. Or, if a property is receiving adequate activity, but no offers; it is also overpriced.
Going to market with the highest valuation is not necessarily the best way to secure the highest price. The secret to selling in the current market is to focus on creating footfall in a property by pricing correctly from the start.
While property values remain relatively strong there is still market sensitivity. Buyers continue to be very well informed as their access to price data is unlimited, via various websites such as net house prices.com. and mouseprice.com. If you price above the market level then you are liable to alienate a proportion of your target buyers. This could well lead to limited viewings resulting in the property becoming stale very quickly.
We will appraise your home and give you a guide price at the first meeting; this will be based on comparable evidence of properties sold and for sale and supply and demand for the kind of property at the time. It is important that we strike a balance between achieving the best price and getting sufficient interest in the property, the busiest time will be the first 6 -8 weeks of marketing.
With the current shortage of stock, some agents will often overvalue a property just to win the instruction. However, as buyers are better informed than ever before, this approach is unlikely to lead to the best final sale price. Our philosophy has instead been pricing properties to sell, and in most cases this has created serious competition amongst buyers, resulting in above asking price sales.
It is also important to bear in mind that if asking prices are over inflated it is possible that a surveyor will down value the home when looking at it for mortgage purposes.
Selling your property is a joint effort between Preferential Properties and you. In order to achieve success, we must both understand the market in the same way. This kind of shared knowledge comes from always consulting with you honestly.
The most important thing we can do is get your property into the percentage of homes that are selling and get there quickly! This can be done a few ways, but remember first that perceived value is just as important as tangible value. Perceived and tangible value can be created by a combination of proper marketing and competitive pricing.