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Why it’s vital to research property prices before putting your home on the market

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A stagnant property market can be a nightmare for home sellers.  Properties that have been around for a while can be much harder to sell – a home that’s been on the market for a long time can often raise the suspicions of buyers, assuming that something must not be quite right with the property, even if there is nothing wrong with it.  It’s likely that the property will sell eventually – but not before the sellers have had to reduce the asking price significantly – and although buyer may welcome a price reduction, this can also bring its suspicions.

Of course as a seller, you’re going to want to get the best price you can for your property – but sometimes it doesn’t pay to ask top dollar in the first instance.  If you want to sell you’ll need to attract buyers and that means meeting their expectations, not pricing them out.

Buyers do want a bargain, but in the majority of cases they aren’t looking to rip you off – they just want to know that the property that they are viewing is competitively priced and offers good value for money.

Most home viewings tend to take place in the first few days of going onto the market, but with too high a price tag, some buyers may even be reluctant to view, meaning you’ll lose that all important initial impetus.  A more competitive price and a flurry of early viewings could be all that it takes for a quick sale.

Researching property prices

This may all sound very simple, but before you decide on an asking price for your house, it’s wise to do a little bit of preparation in advance and obtain some knowledge about the market in which you are planning to sell.

News of national property prices can often skew sellers’ ideas about what their property is really worth.  It’s easy to get carried away with headline figures and assume that you’ll be able to get a sky high price for your property, but your local market might be very different to other areas – especially the rocketing prices in London.   A good estate agent should be able to value your property based on a number of factors – including the condition of your individual property along with knowledge of the local market.

There is an abundance of property data at your fingertips so it’s actually pretty easy to research property prices in your local area.  Websites such as Rightmove and Zoopla will show you how much similar properties are currently on the market for, and perhaps more importantly will also provide information on how much homes actually sold for.

Using this data can help you to make a better-informed decision on how much to sell your property for so you aren’t pricing it out of your buyers’ reach.

SoSmart Money are specialists when it comes to mortgages and insurance. We can put you in touch with a trained expert, who has access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable lender and product for your needs.

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The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of SO Media.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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