Crucially, an correctly-priced home will sell faster and might maximise your return on investment. Our sales team have drawn up a selection of tips to consider, from analysing market trends to comparing property values, to help you price your home with clarity and assurance.
Get to know your local market
Throughout the country and its regions, there’s a host of different architecture, economies and communities. You’ll likely be familiar with the socio-economic character of your local area, but it’s important to really delve into the neighbourhood’s market conditions when pricing your home. Head to online property portals or estate agencies and research recent sales and take into consideration the size, age, condition and location of these properties.
Take note of industry trends
The economy, interest rates and government politics all have an impact on the demand for houses, and this is really valuable to consider in your selling journey. In a seller’s market – where demand for property outruns supply – you might want to set a higher price. But in a buyer’s market, with more properties for sale than buyers, you have to price competitively.
Secure an appraisal
Seek the advice of a professional appraiser to give you an accurate valuation of your property. In the United Kingdom, chartered surveyors registered with the Royal Institution of Chartered Surveyors (RICS) are recognized for their expertise and adherence to strict professional standards.
Use online tools with caution
When seeking the valuation of your home online, there are plenty of quick tools that can provide the stats. They can be a useful starting point, but often lack nuances concerning individual property features and any renovations you might have made to your home. Take this into account when you get your estimation.
What does ‘asking price’ really mean?
The asking price doesn’t necessarily equate the final sale price, depending on a whole lot of market factors. Properties can sell for below or above the advertised figure – so setting a price that leaves room for discussion and change might attract a great number of buyers, and leave you with a higher final sale. When offers start coming in, you’ll want to be prepared to negotiate. What’s the lowest price you’d be willing to accept? Having clear figures set out will help you navigate these conversations with ease and confidence.
Seasonality and sales
Timing can have a huge impact on the sale of your property. Spring is usually a popular time for home sales in the UK, which often means higher demand and prices. When the year draws down into the winter months, it’s usually a slower market with less buyer activity. Take this into consideration when you list your home for sale.
Review and adjust your price
Say you’ve put your property on the market and it’s had little interest for a number of weeks. You might want to reevaluate your price and adjust it according to current market conditions. After all, it’s a dynamic and ever-changing industry and you want to be as savvy and competitive with the circumstances as possible.
With the right professional advice, you can set a price for your home that is strategic, confident and fair. We know the intricacies of the sales market and have decades of experience behind us. If you’re looking to sell your home, speak to one of our trusted advisors who can help ensure a smooth process.
