How do I decide on the right asking price for my home?

Is your home already on the market or are you thinking of selling your property in the near future?  If so, you may find this blog helpful as we pride ourselves on giving professional and impartial advice to help you with your property journey.

Firstly, we would like to point out just how important the initial asking price of your property is; in other words, your launch price. 

Put very simply, an overpriced property may put off potential viewers and you may lose out on the initial surge in interest when the house first launches onto the market. 

An under-priced property can also hinder a possible sale as once the price is public, there is no going back and it’s challenging to increase it.

So just how do you choose the correct launch price for your home?

Here are some top tips to help you ensure your home is marketed at a realistic and attractive price: -

• Keep an eye on your local housing market

If you’d like to take an active role in your property valuation, we recommend you start to keep an eye on the local property market a few months before you sell.  Look through the property pages in your local newspaper or scroll through the properties for sale on Rightmove or Zoopla.  Better still, take a look at what similar properties in your area are on the market for.  It’s surprising how quickly you’ll become familiar with the typical house prices and you should get a good idea of what yours is worth.

• Keep up to date with national housing trends

We also recommend that you keep abreast of any peaks and troughs in the national property market by reading any relevant articles online or in the national press.  If you have a smartphone, you could use the BBC news app (we like the BBC news app as you can set up an alert for any articles connected with the property market).  It’s worth knowing the general trend in sales as this will indicate how quickly your house is likely to sell and whether you are likely to achieve your desired price.

• Seek professional guidance

This is where we come in - your local, independent, professional property agent!  Seriously though, it’s our job to know everything there is to know about property.  We live and breathe property and have worked in the industry for years.  A reputable agent will give you an honest valuation and will not attempt to inflate the value in order to gain your business. 

Our job is to interpret the local market at the time that your home is launched and we work closely with our clients to come to an agreed asking price that both parties are happy with.

Some clients like to obtain 2 or 3 different opinions which can sometimes be a good idea, but other times it can cause confusion, particularly if they vary too much. 

It’s all about trust…go for the most professional agent who comes with the highest recommendations, not simply for the highest valuation; as we said at the start of this blog, market your property too high and you will lose the initial surge of interest, and also lose potential buyer’s trust.

• Be realistic, not greedy!

We understand that people love their own home and feel emotionally connected to it, but it’s imperative that you don’t let your heart determine your asking price.  It’s very easy to over-value your own home simply because it’s yours (and no one wants to hear their property is worth less than they thought).  Remember that your taste in décor may not be to everyone’s taste.  Let the experts guide you.

• Be clear on your minimum sale price

It’s always worth having a minimum figure in mind so that you can work from there.  This way you can allow for any possible price reductions in your calculations and come up with the perfect asking price.  If the local housing market is slow, for example, buyers may expect a certain reduction when they offer…say 5%, so this can be budgeted into your asking price too.  Your agent will guide you on the perfect launch price.

As with so many assets, a property is only worth what someone will pay for it.

If you haven’t moved home in a while, or are considering selling in 2019, why not give us a call so we can give you a market update on your property.  While we are there, we can also give you some tips on property presentation to maximise the value.

You can reach us on 0118 466 0292 or at hello@quartersresidential.co.uk. We'd also be pleased to welcome you to our private offices in central Wokingham.

We are always happy to talk property