There are many things to get right when you are trying to sell your home – but one of the most important is its price.

And that’s not as easy to get right as it might sound.

 

The market is improving as transactions and asking prices continue to rise but that doesn’t necessarily mean you’ll get the price you want. Understanding market conditions and pricing realistically will give you the greatest chance of getting the best price for your property.

 

Do what you can to maximise price with great staging

 

You can increase your chances of getting the price you want by careful staging of the property. Once you understand the types of buyers who will likely be interested in your property, then stage to this market, giving each room a clear purpose. Clearing out the clutter first will be essential.

 

A spare room could be transformed from a junk room into a simple home office, for example, with the addition of a simple table and chair. Cleaning, redecorating and undertaking any maintenance jobs which could otherwise suggest neglect of your property, will also be vital.

 

 Don’t overprice in expectation of haggling

 

Some sellers may try to inflate their prices to factor in what can be seen as the inevitable haggling by buyers, especially while it’s a buyer’s market. This can see the addition of a 10-20% premium on its true value based on the assumption that buyers will look to undercut.

 

The risk is that this can put off buyers, especially if it makes your home look overpriced in comparison to other similar properties locally. That could lead to a lack of interest and if you need to cut the price later, prospective buyers may become suspicious about what might be wrong with the property.

 

If you have priced correctly, you are more likely to generate healthy interest early and buyers are more likely to pay the full asking price, especially if there are a few people interested. If you do want to add on a premium, then around 5% is less likely to turn potential buyers off.

 

Get multiple quotes from agents

 

Agents may try to lure you in with high valuations of your property, knowing that you will want the greatest value you can get for your home. Obtaining quotes from multiple agents, ideally at least three, should give you a fairer indication of your home’s true value.

 

Do your own research into local prices

 

Researching the local market will help you solidify your understanding about whether or not the agent’s quoted valuations are near the mark. Use portals such as Rightmove and Zoopla to check selling prices of properties similar to yours.

 

Ask agents what properties they have sold that are similar. Find out the final selling price and how long those properties were on their books. This will give you a good idea of how quickly and successfully the agent can achieve the desired asking price.

Be realistic about pricing

 

Remember that the final selling price you achieve will be determined by market conditions at the point of the offer. Doing all you can to maximise your property’s value, as well as considering the market, your competition and your prospective buyers will give you the greatest chance of getting the price you want.  

 

Thinking of selling a property? Here at Key Property Consultants, we are client-driven in everything we do. Find out more about us here