How to price your home for a speedy sale
As you’re probably aware, the housing market is exceptionally busy right now. In fact, January was Rightmove’s busiest month ever, with a record number of home-movers searching for and enquiring about their next home.
With so many buyers actively looking, this could be a good time for you to sell your own home.
If you do decide to sell, something you’ll definitely want to get right from the very start is the asking price. So here is our latest advice on pricing, why it’s important, and tips to help you sell at the best price, and as quickly as possible.
Why is getting the price right at the start so important?
Mainly because it significantly increases your chances of finding a buyer.
A recent Rightmove study showed that pricing accurately from the start doubles the likelihood of selling successfully.
Pricing accurately will also help you sell quicker – something that is very important to most home-sellers. Almost as, if not just as, important as getting the best price for their property.
The same study showed that when a property needs to be reduced in price it will take twice as long to sell, on average, than one that doesn’t.
The average time to find a buyer if a property is priced right is currently 21 days, but that rises to 47 days if it needs to be reduced.
The first two weeks are crucial . . .
Did you know that when your property is uploaded to Rightmove it becomes live and visible to millions of home-hunters instantly?
This means that the first two weeks is usually when your home will get the most visibility and interest, so you’ll want to make sure you start with your best foot forward, with great photos of your beautiful home, and a price that is just right.
Okay, so how do I price correctly?
There are several ways you can find out, at least to a certain degree, how much your home is worth.
You could look at sold prices to find out how much properties like yours have sold for in your area. Or you could browse Rightmove, using the filters and keyword sort to find houses with similar specs as yours, and check their asking price, and how long they’ve been on the market for.
But because homes are as unique as the people who own them, there will always be variables that even all the data in the world would not pick up on.
And this brings us to one of the most important decisions you’ll have to make: the estate agent you choose to work with, as pricing is not a science, it’s a skill.
And that skill comes from experience, knowledge of the local area, the types of properties sold before, and being up-to-date with how the market has evolved over the years.
Choosing the right estate agent.
We recommend you ask two to three agents to value your property. If you’re recommended different asking prices from each of them, resist the urge to be automatically swayed by the agent promising the highest price.
They may turn out to be the right agent for you, but you’ll need more than just a promise to go by. Ask agents to justify how they’ve come to that price. Ask them to provide evidence of what they sold recently, when, and how much for. How often are they reducing their prices, and by how much? Ask for transparency right from the start, and that will help you with your decision.
Also, don’t become overly fixated with the fee the agent charges. Usually the most important things to keep in mind are:
- The amount of money the house sells for: the sold price minus the agent’s fee.
- How quickly the sale will happen.
Working with an agent who provides a great service, is responsive, proactive, and an expert in your local area, will make a huge difference to the whole experience.