How Can You Tell Whether Your Property Is On The Market At The Correct Price?

Posted on: 16 April 2021

 

What is the Right Price?

In some respects, this is the million-dollar question. Is your property priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money? Well, actually, the right price is only ever about what you and the buyer agree to so that a sale can move forward. No other prices really matter!

Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises. 

Is my Property Overpriced?

Are you frustrated because you seem to get a lot of viewings but no offers? Well then, one of the reasons could be that your house has been overvalued.

Potential buyers might like the look of your house in Hitchin

but fail to view because they feel the asking price is too high. They may view, and they may love it but still feel it’s not worth the price-tag. Not all potential buyers will feel they can risk putting in a low offer either.

If you are enjoying lots of viewings but no offers, these are clear signs that something may need tweaking, particularly if similar properties nearby have sold.

Top Tip: If you do feel things need to change, do not be afraid to speak with your estate agent. After all, it’s in their interest to get a sale, so if their strategy needs to change, it should.

Is my Property Undervalued?

To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house ifor. You might get an offer, or multiple offers, super quickly and this may worry you into thinking you could have achieved a higher price. But that is not necessarily the case. A good estate agent will ensure your home does not stagnate on the market!

Conversely, if you are getting no viewers and your property is on the market at a lower price than similar homes which have sold nearby, an under-valuation might be making people wonder if there is something wrong with your property!

Top Tip: Do some research of your own into similar properties on the market in Hitchin. If yours appears obviously low, speak to your estate agent.

Do Your Own Research

We at First Choice Estate Agents Ltd use our local experience and knowledge to advise you of what we think your property is worth. Sometimes though, we suggest having a look on the internet yourselves as well, this can give you peace of mind that we’re on the right track.

There are so many tools at your fingertips, and you should use them!

Go to the search engine of your choice and search for house prices in your area. There are sites that not only give you properties that are currently on the market but also offer up what a property has sold for in the past too.

You could also make use of online valuation tools if you want a second opinion. However, bear in mind that these are not always accurate, and it’s best to speak to professionals who have local knowledge and experience.

Top Tip: Compare similar properties locally as you’re likely to get a good comparison. If you compare a similar house, but in different localities, then different factors will affect prices.

What Next?

Speak to your agent. We cannot stress strongly enough that communication is key. If you have concerns and you’ve done some research, then talk to your estate agent. Maybe it’s time to review how they are operating and whether or not they need to change.

Top Tip: Don’t be afraid to ask the questions and challenge. It’s your property that you are selling; you are in the driving seat.

First Choice Estate Agents Ltd use our skill, experience and local knowledge to place your property on the market at the right price. If we can help you, give us a call on 01462539897 / 01582321743 or email info@fcea.co.uk and we will be delighted to help.

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