Deciding to sell your home is one of the biggest and most important decisions you will make but one of the biggest issues home-owners face, particularly in the Bishop’s Stortford area, is how much to sell for. Most estate agents in Bishop’s Stortford and indeed elsewhere in the country are likely to recommend that you get a few different estate agents to value your property which is a good idea because valuations can vary between agents and home-owners are increasingly employing tactical pricing strategies.
So, what are these strategies and are they any good? Well, the crux of property pricing comes down to two distinct categories- the high price group and the low price group. Both of which sit either side of what is a realistic valuation, so why would home owners want to play tactically instead of settle with a realistic price?
All sellers have a drive behind their sale, they either want to get the most money possible so they can get a better property. Or they may want to move quickly, to go to a new job or be nearer to family. More often than not, sellers in Bishop’s Stortford employ tactical pricing to achieve one of these ends.
Here’s how it works:
The “best price” crew
These sellers want to get the best possible amount of money for their property, preferably more than it is worth because they are looking to upsize or get something better. The number one way of achieving this is to set a price on the value of the property stating they want “offers in excess of” and this tactic works best if you market your property with an open day. If your property is well presented and within a desirable price band in the market, you can generate a huge amount of interest with an open day, having lots of interested parties viewing your home at once. The chances of a bidding war are much higher if the presentation and promotion of your property have been done well.
These sellers want to move fast. They understand that if they want a quick sale then they need to offer value for money which more often than not means lowering the price to just below the actual value of the property to generate more interest. This too can cause bidding wars between potential buyers, particularly if the property presents very good value for money and buyers flock to put in offers. Pricing low can obtain lots of initial interest and quickly too, whilst still alluding to the possibility that you could get better than your asking price.
The optimistic ones
These are the home owners that want the highest valuation possible and will go with the agent who gives the highest figure. One could say that an ‘optimistic asking price’ means you’re more likely to get the best possible price when selling your home. Where demand is high, like a terraced property in Bishop’s Stortford, then this tactic could well work. However, use this tactic with anything but a very highly sought after property and you could see your property sitting on the market for months or even years.
So which category do you fall into? We’re a fan of pricing a property competitively, asking for ‘offers in excess of’ and holding an open day – but admittedly that isn’t the right solution for every property. However, in most cases that’s a sure fire way to generate plenty of interest and help you achieve the best possible selling price.
Want to know how much your home is worth? January is a great time to get an up to date valuation on your property. With prices set to rise yet again in 2015, we’re anticipating plenty of activity in the local property market. To book a free valuation then give us a call on 01279 719193.
Planning on moving in 2015? Home already on the market? Simply interested in learning how to sell your home for the best price and in the shortest time frame?
Then come along to The Property Advice Evening on Thursday 5th February at Bishop’s Stortford Football Club. Arrival is from 7pm for a 7:30pm start and we have some fantastic guest speakers including Matthew Bush from Rightmove. For more information and to book your free tickets then go to www.thepropertyadvicevening.eventbrite.co.uk. See you there!