When you’re selling your home, it’s only natural you want to get the best price. But at the same time, you don’t want to put buyers off with a price that’s too high. At times, it can seem impossible to strike the right balance.
To start with, how do you actually know your house is under-priced? That’s what we’re here to assist with. This post looks at 3 signs your property’s price is lower than it needs to be.
As a seller, you want potential buyers to make offers on your house. The problem sometimes is when these offers come too soon. An under-priced property could get offers within a few days of listing. On the one hand, that’s great news. But it does leave you wondering whether you could have got more.
Of course, this isn’t the case for all fast offers. Buyers might just have fallen in love with your property.
Another potential issue is a lack of bids. We’ve all heard the saying “too good to be true”. A house that should be worth £200,000 being listed for £150,000 could leave buyers a bit suspicious. Why is it so drastically under-priced?
The truth might be that your estate agent wants to start a bidding war, or just keep up their reputation of “selling above valuation” by under-pricing the house in the first place.
Another way to determine whether your property is under-priced is by comparing it to similar properties in the local area. If you’re selling a four-bedroomed property, look for other four-beds selling on your street or a similar location.
It’s rare that similar houses in the same area sell for drastically different prices, unless you know that your property has a problem. Be wary of differences the owner has made too, such as an extension or loft conversion, which could make other properties worth more.
As well as looking out for these signs, there are some ways you can avoid an under-pricing in the first place.
First of all, consider getting multiple valuations on your property rather than just the one. As mentioned, some disreputable estate agents might purposefully undervalue your home so they can boast about a quick sale. If you get a few valuations, their low price will stick out for all the wrong reasons.
It’s also useful to get a local estate agent to value your property. Quite often, incorrect valuations are down to a lack of local knowledge. It’s unlikely that two 3-bedroomed semi-detached homes at opposite ends of town will be valued the same. Local estate agents will know the different areas and how this affects demand and pricing.
Weale & Hitchen is an independent estate agency based in Bury, Bolton and the surrounding areas with an abundance of local property knowledge. Whether it’s Harwood, Rossendale or Holcombe Brook, we know the local property market like the back of our hand, so we’re best placed to help you sell your property. Most importantly, we’ll make sure you get the right price. Get your free, no-obligation valuation today.
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