Know what your house is really worth!
One of the biggest reasons why houses stay on the market longer than expected is that the sellers are being too unrealistic with their property. When we deal with our homes, it’s an emotional connection and we always think they are worth more than they really are. If you want to read up on it more, read the Endowment Effect, which goes on to explain how people that own or possess something always value it more than people who want to buy it.
We need to take ourselves away from the emotional attachment and be as realistic as we can in order to get the best selling price. Of course we look to use the advice the estate agent gives us, but as home owners its always your choice. Most estate agents know and understand the property won’t sell at the higher price but will be happy to take on your property as after say 8 weeks they can chip you down on price and sell your property then. Only downside is that you have wasted 8 weeks. A strong agent will explain and provide proof why your property is worth what it is
There are plenty of websites out there that will show you the selling prices of properties in your area and even your street. Rightmove, net house prices, Zoopla all use Land registry and use public information to show you the sold prices of properties in your area over the last 10 years or so.
With that in mind, you need to know you are comparing like for like. Make sure that if you think next door went for say £5,000 more, then you know the reason i.e. it has a conservatory or that the one down the street that went for £10,000 more had an extension on the back.
Remember putting a lower purchase price on than you are willing to accept or need isn’t against the law. You can still do it to get people through the door and hopefully get them bidding against each other. It’s called “Invitation to treat” in legal terms and all it means is that people express a willingness to negotiate and you can accept or deny as you want. Putting a fair price on your house should get buyers looking and that’s when people fall in love with property. Not from descriptions or photos but when they physically view the property.
If you want to sell your home, always do your research, listen to the estate agent, they have sold many more houses than you have, and don’t be scared to put it on at a lower price just to get buyers through the door.
If you are a buyer, seller or even thinking about becoming one, you don’t even have to be a client of ours, we still want to HELP you. Drop us an email at firstname.lastname@example.org or phone on 0191 5124940 we are here to help