When you put your property on the market, you put your trust in us – the experts you have chosen. We have the details, we know your expectations and our aim is to get you moving as soon as possible for the very best price.
Different agents will value your home and there can sometimes be a large variation in values. There are reasons for this, such as an estate agent simply trying to win your business or perhaps a different level of experience and knowledge.
When talking with home movers in Newbury, we’ve discovered that many people do indeed wonder about whether or not their property has been priced correctly. You’ve probably heard phrases like “priced to sell”, but how do you really know if your property has been undervalued or indeed overvalued? And why does it matter?
So, let’s look at how you can tell whether your property is on the market at the correct price.
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? One of the reasons could be that your house has been overvalued.
Potential buyers might like the look of your house, 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 for. 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, with todays competitive market we consistently see multiple offers at asking price and sometimes above. 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 Newbury. If yours appears obviously low, speak to your estate agent.
Do Your Own Research
Downer & Co. use our local experience and knowledge to advise you of what we think your property is worth. We are confident in our approach, but welcome input from our vendors. With many tools at our fingertips such as online sold house prices, this can give you an idea of what you may achieve. 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 in Newbury
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 it’s time to change agents.
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.
Downer & Co, 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 01635 523777 or email Richard.bailey@downer.co.uk and we will be delighted to help.
