Getting the Price Right

getting-the-price-right
Added on February 9th 2019

If you’re planning to put your house on the market, then you’ll be concerned about your asking price. You want to get a decent wedge out of the place, but to get your money you’ll need to actually sell it! It’s all very well messing around with £399,500 or £374,250 because you think buyers will love that the place is selling for less than £400,000 or £375,000, but you’ll be stuck in a very old-fashioned mindset. These days, with most searches starting online, a definite round figure is far more attractive to potential buyers.

Be broad-minded

When people are looking for properties online, most portals offer round figures in their search options. If you’re thinking about selling for £399,950, market at £400,000, because house-hunters in the £400,000 bracket will miss you otherwise. These people could be your best bet. Similarly, if someone’s maximum buying capacity is £395,000, they’ll probably have to input £390,000 to £400,000 in their search. They might see your property, love it, and persuade you to come down a bit.

Check the market temperature

If you’re in a seller’s market, you’ll probably get more than your asking price because buyers will have to compete and you may be on the right side of a bidding war. If it’s more of a buyer’s market, however, then you should be prepared for some negotiation. You may have people coming to you with slightly lower offers, but it could be your best bet in an adverse market.

Find out your buyer’s motivation

If your buyer is in a hurry or moving due to relocation, divorce, a new baby or other circumstances, then they can often rustle up some extra cash so don’t be too quick to accept a low-ball offer. If you can find out a bit about your prospective buyers from the estate agent, before you consider their offers, you could bump the price back up a bit or maybe even decide to take a lower offer because you empathise with them.

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