How much is my house REALLY worth? 7 tips for valuing your home like an expert
- Credit: Polly Hancock
Getting the price right for your property is vital to ensuring a sale in the current market. Here are the 7 steps to make sure your home sells – fast
The single most important factor to consider when selling your home is the asking price. A fairly priced home sells, and quickly!
Even with the furore surrounding the events of the snap election, or the ever present Brexit negotiations, total agreed sales figures are at their highest for this time of year since 2007 according to the latest Rightmove study.
This shows that London and the UK as a whole is still an attractive investment, just as long as the price is right.
Agents are here to advise you on the price of your home and should be able to provide you with credible reasons as to why they have arrived at that figure.
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Below are seven tips to consider when pricing your home for an imminent sale:
1. Check past sales prices
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This is the first point of consideration when selling your home. Taking time to study past sales in the immediate vicinity of your property is a great start. Of course, none will be identical to your own, but having a sound understanding of the true market value is the first stage of establishing your property’s asking price.
2. Remember: active listings are NOT the same as past sales prices
This should be self-explanatory, but many make the mistake of valuing a property based on current market listings. These properties have not sold! They are on the market and should be seen as competitors, not comparables. The only true representation of current market value is what properties have actually sold for.
3. Do not put your property on the market at an inflated price just because ‘you can’
Rightmove, Zoopla and OnTheMarket are filled to the brim with overpriced properties that have been listed for over 12 months. With multiple price drops, new photos, snazzy descriptions and several open houses, none have been sold because price is the only factor that matters.
A property that sits on the market for a longer than usual period of time is seen as a ‘problem property’ by the general market and in the end, could cause you to achieve less than the market value due to negative perception from would be buyers.
4. Price your property with room for negotiation (but not too much room)
Every buyer wants to feel that they have achieved a ‘deal’. Just as every seller would like to think they have received the top price for their product. It is important to factor in to the marketing price some room for negotiation, but don’t reach too high as you risk being overlooked by would be buyers who will bypass your home and look towards the next one.
5. Think like the buyer
Identify the key points of your home. Chances are that these will be the same points a would-be buyer would appreciate or focus on. Your agent should be up to date with what sells and what doesn’t, making your property as photo and viewing friendly as possible will go a long way to securing a sale.
Any buyer could find negatives with any home, but it is astonishing how quickly these negatives become irrelevant when the asking price is a fair reflection of the current market.
6. React to the ever-changing market
Your agent should be providing you with feedback on a weekly basis at a minimum. If your property is not yielding any viewings or is being met with feedback such as ‘the price is too high’ do not hesitate to adjust the price accordingly. There is no better way to measure the price of a home than to look at the reception it receives in the open market.
7. First impressions count
You have one opportunity to make a great first impression. In terms of timelines, the first two weeks of a property launch is the most important to an eventual sale.
Exposing your property in the correct way to the open market, where all active buyers will be searching daily, is the key to any sale.
Price your property too high and you will miss out on these buyers’ interests and quickly become dependent solely upon new buyers coming to the market thereafter. The property market is as dynamic and unforgiving as any other.
You have one opportunity to seize interest; do not let the price negatively affect your chances.
James Keane is the branch manager of Prime Metro, Swiss Cottage.
Get the right price for your property today by calling 020 7701 2878 or drop in to 1 Northway’s Parade, Finchley Road, London NW3 5EN
Produced in Partnership with Prime Metro