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Setting Your Asking Price
The value of your
property is ultimately the price buyers are prepared to pay for it.
How to value your property?
Estate agent will value your property for free in order to get the
opportunity to market your property. Make sure your property is
looking its best before valuation to get the highest possible price
estimate. Be aware that some agents may give you a high valuation in
the hope that you will market the property through them, but
overpricing may result in lack of interest from prospective buyers.
Other agents may give you a low valuation so they can sell the
property quickly.
By talking to a few
agents you should get a fair idea of what your property is worth. You
may also check on the property advertising website or newspaper's
classifieds to view a few similar properties in your area in order to
get an idea of how much your property should sell for. You can also
engaged a professional valuer to provide a professional property
valuation report on your property.
Determine your asking price
The asking price will normally be the highest price you expect someone
to pay for your property. The asking price is usually negotiable and
sellers will normally settle for an amount below the asking price,
unless there is a lot of interest in their property in which case they
may sell for the asking price or even above the asking price. Broadly
speaking, if you wish to sell within a few months, you should set your
asking price around 5% higher than the price you would accept.
Most buyers will want to
knock down your price to feel they are getting a good deal, but if you
go over 5% they may be put off by the high asking price. Your asking
price will depend on your circumstances – a seller hoping for a quick
sale will set their asking price at a lower level than a seller with
greater holding power.
You may also decide to revise your asking price after viewings have
started – if the property is not generating any interest it may be
best to lower the asking price, as a property which has been on the
market for a long time becomes even less desirable to buyers who start
wondering why no-one has bought the property for so long. |
