As such, one of the decisions that you will agonize over is the price for which you will sell your house for once you have put it for sale on the property market. Although different estate agents may suggest varying amounts, you need to ensure that the figures are justifiable. Generally, the value of your house should be determined based on market conditions, historic data as well as comparable property prices.
Consequently, when you come up with a value that is a little over ambitious, your property might stay on the market before selling while a realistic price will sell the house sell fast. Ultimately, you need to remember that your expectations must be realistic because the property is worth the amount buyers will be willing to pay for in the end.
This means that you will need to do everything possible to prepare your house for sale. Most importantly, consider those things that will have a significant impact on the value of the property. Keep in mind that the final price that you will sell the property will be determined by numerous factors that include how fast you want to sell the property, the reason you are selling the property and the current state of the a=market among others.
While estate agents have the advantage of being knowledgeable about the area as well as the property market, they may sometimes suggest prices that are unrealistic with the aim of winning business from you. Generally, the difference in the valuation that is done by an estate agent may be as much as 10 to 20 percent of the actual value of your house.
Consequently, it may be difficult to achieve the asking price of the property and this can result in frustrations, as the property may take longer to sell. On the other hand, valuations from professional surveyors tend to be more accurate hence, it is unlikely that there will be need to reduce the asking price of the property in order to attain a reasonable selling price.
Overall, when valuing your property you must not be blind to the fact that estate agents are experienced in determining what works locally hence the need to pay a little more attention to their advice.
Major Price Determinants for your House
You must take into account two major factors when you are considering the selling price of your house. They are:
- How fast you want to sell the house
If you need to sell your home fast, you have various options such as putting the house on sale for a price that is lower than its market value. Even then, you need to make this clear by indicating that the property is priced to sell fast. Consequently, it is unlikely that you will attract speculative buyers hence making the transaction quick.
You may also want to consider using sealed bids especially if there is a lot of interest in the property. Asking for the best and final offers by a specified date will eliminate a protracted sale process hence resulting in good prices that are above the asking price.
The challenge with this approach is that when there is little interest then you might get offers that are cheekily low. Thus, keep in mind that offers are not legally binding and you may reject them.
- Your willingness to take things slowly
If you are not under pressure to sell your property, do not feel pressured to accept a price offer that you are not happy with. Instead, you will do well to consider two approaches.
That is, begin with a high price even though you are prepared to go lower. Should you manage to sell the property at a high price that will be an advantage. Otherwise, you can slowly reduce the price until you are able to sell.
The only challenge here is that should the property stay on the market for long then it might end up being blighted in potential buyers minds that will then begin to find out what is wrong with it. Soon, the property will become stale.