How to get the best price for your home
Posted on: Wednesday, March 23, 2016
One of the main concerns for anyone selling their property is the price. Achieving the best possible price is essential, as it puts you in a strong position when buying your next property and attaining a suitable mortgage.
When we say the ‘best price’, we mean the most achievable price, which comes down to how much a buyer is willing to pay. This figure can be different from buyer to buyer, so it can be difficult to pinpoint exactly how to achieve the best price for your property.
Sometimes, houses sell for less than their anticipated value, which can happen due to a number of factors, including the current local market, supply and demand, time of year and how effectively the property has been marketed. There are, however, a number of rules you can follow that will help your property attract the buyers who are willing to pay its estimated value.
Estate agents
Choosing the right estate agent is essential as they will be the ones finding your buyers, showing them round and advising you on price. Refrain from immediately choosing the agent with the highest valuation as it may be unachievable and it’s likely that you’ll have to considerably lower the price in order to sell. Do some research and find an agent that you feel confident in. You want an agent who’s positive and sincere, as they will be persuasive when it comes to selling. Ask neighbours, friends and family which agents they have worked with and ask how easy they found the buying process. Chances are, if they were happy in the agent’s hands when buying their house, your buyers will feel the same. It’s also a good idea to find out how they will market your home and how they will select buyers, as this is key to finding the right buyers who will pay a reasonable price for your property.
Price
When deciding what price to market your property at, do your own research as well as taking advice from your estate agent. Decide on a price that’s achievable and then work with your estate agent to determine a strategy that will enable you to fetch that price. It could be by marketing your property at a slightly higher price to leave room for negotiation, or at a slightly lower price and asking for offers over and above that figure. This usually depends on your marketplace and whether there is high demand for property in your area.
Check your DIY
You don’t necessarily need to do lots of DIY to achieve the best price, but make sure any improvements you have made are up to scratch. Any sub-standard work might reduce the value of your property and buyers could use this to negotiate a lower price.
Target your buyers
In order to achieve the best possible price, you need to make your buyers realise that it’s the one for them, which can require slight reconfiguration. Think carefully about who your target buyers are and tweak rooms to suit their lifestyles.
Highlight and downplay
Not everything in your house will be a pull-factor and equally, there will be many features that make it a dream home for lots of people. Make a list of pros and cons, and find ways of highlighting the positives and downplaying the negatives. This can be as simple as changing your light fittings to highlight a modern kitchen or neutrally decorating a small room so it seems like a handy extra space rather than a problem.
Flag up the positives
Tell your estate agent what you love about your property and the area. Unless you tell them about your great neighbours, the lovely pub down the road and the convenient places to park the car, they won’t necessarily know. Also point out any recent changes you’ve made to the property so they can show off what’s new.
Planning permission
Although doing any renovation work prior to your sale might be unrealistic and potentially costly, getting planning permission for an extension or conversion can show off the potential of your property. Speak to your estate agent first and find out if this will be attractive to your target buyers.
Feedback
During the viewing process, always ask for feedback and take any advice on board. You might be able to find solutions to any problems and avoid putting off future buyers.
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