Selling your home can seem a daunting task. Everyone wants to achieve the highest price possible for their home and rightly so. But in order to do so you need the right pricing strategy. In this blog post, I discuss how to set yourself up for success and have an abundance of offers pouring in. So whether you’re considering a move, or currently on the market without offers, read on!
So we’re going to start off talking about your asking price (or marketing price) when selling your home
Keep in mind that your marketing price is an essential tool for attracting potential buyers.
The myth that you can “always come down but never up” is simply not true. If your marketing price is too high you will deter potential buyers from viewing.
On the flip side, if a property appears good value, everyone is going to want it. You’ll have a ton of viewings, and the likely hood is, most will offer on it. That competition will drive the price up and you’ll be maximising your chances of achieving the best price for your property.
Granted, there will be some low offers, it always happens, but you’re not going to sell for those low offers, so don’t be offended – just move on to the next one. A good estate agent will be skilled in negotiations, and have an insight into local market conditions which will give you a real advantage.
Pricing too high will also justify a buyer buying a correctly priced property in your town
In other words, you’re helping your competition to sell. If buyers keep offering on the correctly price homes and ignoring yours, then It’s likely that after 6 weeks or so your property will start to stagnate on the market. Buyers will be saying “oh, that house is still on the market, there must be something wrong with it”.
It’s a fact of life, no-one wants what no-one else wants and everyone wants what everyone wants.
The only way to attract buyers now is through a price reduction
So you find yourself motivated to sell and you’re going to have to reduce the price, but there’s an issue. A price reduction from say £525,000 to £500,000 won’t be enough. Your house has stagnated on the market and you’ve missed that prime launch period to get competing offers and therefore the best price. You’re probably going to need to reduce your £500,000 house to £480,000 or £490,000 in order to re-invigorate the marketing and make it appear in searches where people wouldn’t have previously seen it.
So what started out as ‘let’s just try a bit higher and see what happens’ could end up costing you £10,000 or £20,000 and a couple of months of wasted time.
But if your marketing price is set too low surely you could end up underselling it?
Well, no. As long as (a) you don’t sell it to the only person who views it and (b) you’re working with an expert estate agent who will give your property every opportunity to achieve its full market potential. It’s really important when selecting an agent to do your research and check online reviews. Look for an independent with a great reputation and that has extensive knowledge of the local market. Don’t forget to find out from friends and family about their experiences too – this can provide valuable insight into which agents are worth choosing.
Setting the right price is just the beginning when selling your home
You also need to be sure your agent is able to show it off in its best light and ignite potential buyers’ emotions. Successful negotiation skills are a must to ensure the highest possible price is achieved. And, don’t forget that even with a seemingly successful deal, many things can still go wrong – so having an experienced agent on your side to help see the process through until completion is absolutely essential.
If you’re having any difficulties selling your home or considering selling soon, feel free to reach out and book a free marketing advice meeting with us here: https://helmores.com/book-appointment/
Hope you’ve enjoyed this blog post – I’d love to hear your feedback from in the comments below on any tips or advice you have when it comes to selling a property too!