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Setting a price for your home is a tricky and crucial stage in the selling process. Set your price too high and you’ll price yourself out of the market. Go in too low and you could undercut the value of your home.
Use websites like Zoopla or Rightmove to keep updated on what the market is like in your area. Committing to learning about local ups-and-downs in both price and sale speed, and keeping this knowledge topped up can make a huge difference to the success of your home sale.
Your estate agent is there to advise, but it’s you that gets to set the final asking price. It’s always worth comparing a few valuations from a variety of local estate agents. We would recommend having at least three.
A sign of a good agent is strong local knowledge and a realistic approach to what price is achievable. Research your shortlisted agents and ask them to provide you with stats on their recent sales. These can help you make your decision.
See what percent of asking price properties like yours achieve.
The chart below shows how important it is to price your property correctly if you want a quick sale. Properties which change price (increase or decrease) take over twice as long to sell. The longer your property sits on the market, the more suspicious potential buyers can get. The best agents can justify their valuation and prove they’re able to reach above average numbers of buyers in your area.
As the seller, you are in the stronger position - you own the house that the buyer wants, and you can choose who to sell to.
Your position is further strengthened if there is a lot of interest in your home. The higher the demand, the higher the price you can get for your property.
In any case your agent should advise you. They'll know how much demand there is for the property. They're also negotiating experts: they have a lot of experience getting the most for peoples' homes!
However if your property isn't getting much interest (few viewings and no offers) then dropping price may be the correct course of action. Or, if you're not in a rush to sell you can maintain the same price and wait for the market to catch up - but this can take a long time!
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