When selling your home, one of the main factors you need to consider is the asking price. Getting this right can be difficult. Read on to discover some advice that can help you get started.
How much should I put my home on the market for?
How much should I put my property on the market for? It’s the million-dollar question, isn’t it?
People often struggle when it comes to deciding an asking price. One of the main reasons why is because there are so many conflicting reports and news stories! One moment you read that house prices are falling, and so you believe you should lower the price you have in mind. But, the next day you open the newspaper to discover that house prices are on the rise. So, what do you do?
The truth is, you should take such reports with a pinch of salt. The reason they differ is that they are based on different statistics and data. One report may assess house prices based on their valuations, whilst another may merely take into account those that have been sold, and data, on the whole, can be manipulated to serve the purpose of an article.
When it comes to setting an asking price for your home, keep it simple and rely on the valuations that have been provided by estate agents. The best thing to do is get three estate agents in to value your home and then set it at the average price, rather than the lowest valuation.
Should I drop my asking price?
Quite simply – no! The only time you should consider dropping your asking price is if the market has changed from when you first put your property on the market. You may need to lower your price in order to adapt to the market’s current state. Yet, you shouldn’t drop your asking price as a knee-jerk reaction or because you need a quick sale. There are plenty of tips to sell your house fast that does not involve simply lowering the asking price, so try these first.
Why shouldn’t you drop the asking price? It creates a sense of wariness and a lack of confidence in your property. The buyer is going to assume that there is a reason the asking price has dropped. Why should they feel confident in your home if you clearly don’t? Instead, they will start to scrutinize your property in more depth than they would have. They will be looking for problems, rather than seeing the good of your home. No one wants to invite scrutiny, but that is exactly what lowering the price does.
Mark my words… buyers do not actually buy a home based on the price! All buyers will have set a budget and they will seek to spend within this, rather than go lower. When buying a house you believe that you get what you pay for. Therefore, if you price your home below someone’s budget they are going to assume they are not getting the level of quality they desire.