Deciding On Price

April 14th 2016
By: Andrew Gilchrist, Managing Director

We know that UK house prices have rocketed over recent years. However, establishing an accurate asking price that will optimise your chances of selling at the highest possible price within a reasonable timescale is both an art and a science.

Estate Agents’ valuations can vary tremendously. Some agents attempt to win your instruction by flattering you with a high but unrealistic price. Some are more responsible and advise the right price from day one. Some, due to inexperience or unfamiliarity with current buyers in the market, haven’t got a clue and get it plain wrong – which can cost you time and money.

Emotions can also often cloud good judgement. The chance to secure a high price can prompt sellers to quote too much, and the house then misses early buyer activity. Quote too little and the resulting fast sale can fuel resentment as you might feel you could have sold for more.

Whatever anyone might say about location, condition, proximity to schools, size, etc., it is the price at which a property is initially marketed that is the key to a successful sale.

So we need to ensure that the heart does not rule the head. You may have put a lot of time, love and money into the property and naturally want the price to reflect this. Maybe you need a certain amount to secure another property, or you simply want to track national house-price trends. Perhaps you are taking your guide from a similar property that has recently sold nearby.

However, the only thing that really counts is the supply of able buyers in relation to the supply of comparable properties, and what they are prepared to pay. Local estate agents are the only people who have a handle on both. Armed with this information the agent can make an informed recommendation as to an asking price that will maximise your chances of selling in the shortest realistic time, at the highest possible price.

If you are thinking of selling, then you may be reassured to know that we take the pricing issue very seriously, and much consideration is involved before we recommend an asking price, we will always demonstrate how we arrived at our conclusions so why not call us for a
no-obligation appraisal of your home, by calling us free on 01727 861166 or 01582 768666.