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Property Guru - September 2019 - Pricing

September 2nd 2019
By: Thomas Morris

Richard stairs

Accurate pricing is one of the most powerful marketing tools available in presenting your property for sale. Richard Carpenter from Fine & Country St Neots gives a few tips on what to consider when pricing your home.

The importance of pricing when selling your property should not be underestimated. A correct price range targets the people you want to attract. Buyers have a number of tools that make them knowledgeable about the market and in turn, shrewd buyers. They will have set a budget and the first thing they look at in their property search is the price. If the property price is outside their budget, no matter how attractive it is, it will not be considered.

You may have decided on a value for your property in your head, but ultimately, what matters is what the buyer thinks. To find out what a buyer is realistically likely to pay for your property undertake research into what similar properties in your area have sold for. You may need to adjust prices up or down according to different features. The price will also depend on supply and demand, as well as the current state of the market. This will give you a reasonably accurate price range that buyers are likely to offer.

The process of pricing your property should begin well before listing it, and prior to doing any major renovations. If you have already engaged an agent, they will have an understanding of the current state of the market, as well as the aspects that are important to buyers. If not, consider appointing your agent at this point. A good agent is one of the best tools at your disposal and can help you obtain an accurate indication of the value of your property. If you are considering any major renovations, discuss them with your agent, as they can give you advice on changes that are most likely to add value.

Everyone’s home is special to them and this emotional connection can colour your attitude to the value of your property. Remaining realistic during the sale process is important. It is natural to dream of achieving a high profit, however, consider whether a quick sale is more important than additional profit.

The biggest mistake is to price a property too high. If it remains on the market too long, buyers may well think there is a problem and either take it off their list for consideration or make an offer well below the price you are looking for.

There are many factors that affect this. The most important is how quickly you want to sell your property and the current state of the market. While it is important to establish a realistic price, leave yourself a little wiggle room to negotiate, too.

For advice on selling or buying property, please contact Fine & Country St Neots on 0330 333 1060 or visit www.fineandcountry.com