Valuing Your Home Correctly

June 22nd 2019
By: Thomas Morris
Valuing Your Home Correctly

Selling your home is a complicated process, and there are many factors to consider. However, one of the most critical factors is pricing your home. At Thomas Morris, we are pleased to say we have helped many vendors in St Neots sell their house, and we know the importance of accurately valuing the home and then presenting the property to the market in an effective manner.

There are some simple things to remember about pricing your home before selling it. “If you place a low price on your home, you will more than likely generate a lot of interest from interested buyers“, said Thomas Morris St Neots Branch Manager Andrea Delaney. “If you are focused on selling quickly, this may be a viable strategy. However, this strategy sees you miss out on a lot of money, so it is best avoided unless a speedy sale is all that matters to you.”

Higher prices deter buyers

If you place an inflated price on your home, you may struggle to generate any interest in your home. Some agents recommend starting with a high price. If a buyer has an interest and you sell at a high price, you will be thrilled, and if it fails to sell, you can always drop the price.

Sadly, this is a strategy that works on fewer occasions today. Most buyers are savvy, and they have a solid understanding of what represents value for money in the property market. If a house is over-priced, most buyers will steer clear of this house. Also, if a home drops in price quickly, a savvy buyer will be suspicious about the property and this fall in price. Therefore, reducing the cost may fail to generate interest in the property, which means you may fail to sell your home at all.

In setting an accurate value on your home, it is crucial you understand the different aspects that shape the price a buyer is willing to pay for a home.

Many factors impact property prices

The size of the property, the location of the home, nearby facilities and amenities and even the supply and demand for homes in the area affects the value of a home. With these forces impacting on property value, it is essential to call on a local specialist who knows the local market. Most agents will be able to review a house and remark on its condition and size, but if they don’t know the behaviour of the local property market, they won’t be able to provide an accurate valuation.

Another thing to consider when pricing your home is who your most likely buyer is, and what their budget is. It may be you need to appropriately price your home to appeal to the most likely buyer to facilitate a sale. There is a lot to consider when selling your home, but when you place an accurate price on your property, you give yourself an ideal platform to begin the sales process.

Selling your home is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is of suitable to you or alternatively, you can phone our St Neots branch, managed by Andrea Delaney by calling us on 01480 403020.