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Why Setting The Right Price For Your Property Is Essential

28 September 2020

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How Much Will You Market Your Home For?

With the stamp duty holiday in effect until March 31, 2021, now is a great time to get your home on the market and move on to your next dream property. Whether you’ve been planning the next step up for a while, or have decided to move on a whim, it’s essential that you begin by setting a reasonable asking price for your current abode.

Buyer Knowledge

Property sold prices are widely available to internet users, which means that today’s buyers are armed with extensive and up-to-date information about the sale prices in your area. They will already have a great idea about what the houses on your street are worth before they’ve even set foot inside your home. You’ll want to make sure that your property is priced within a bracket that is realistic in comparison to others in the area.

Property Variables

However, local market analysis should only form part of your property valuation according to a firm of estate agents in Chelmsford. Each home comes with its own unique features which will set it apart from others on the same street or within the local area. Have you recently renovated your home or added an extension? Attractive décor and a change of layout could also increase the value of your home somewhat, whilst unfortunately structural issues would have a negative impact.

Buyer Search Habits

77% of buyers rely on property search portals to locate the perfect home to view, according to Zoopla. Therefore, it’s important that your home has the correct sale tag attached to it so that it shows up in the property search results for your target market. Taking Zoopla as an example, their search function works by allowing buyers to set a minimum price which can be increased by £25,000 increments for properties worth more than £250,000. If you want to market your home at £249,950, then bear in mind that you might miss out on traffic that is searching within the £250,000-£275,000 category. Similarly, buyers with a top budget of £300,000 might not notice a property priced at £305,000 that they could put an offer in on.

You should also bear in mind that buyers will search for properties with a minimum number of bedrooms. If you have a 3 or 4-bedroom property where the 4th bedroom could be used as a study, dining or spare room, then consider how this will show up in the property search results. Do you want to appeal to buyers looking for a 3-bed home with 2 reception rooms, or a 4 bed home with just 1 reception?

Be Careful Not To Overprice

When gaining a valuation from estate agents, be wary of going with the firm that offers you the highest price. They could be providing you with an inflated valuation in order to impress and win your business. But remember that the higher the price, the possibility of your home spending longer on the market, which can dissuade potential buyers. At the other end of the scale, you should also be careful not to under-price your home either, as you’ll be missing out on cash to put towards your next move. Go with your gut and choose to work with an agent that provides you with a reasonable and realistic valuation for the property you want to sell.

If you're looking to sell, Balgores are here to help. Our expert valuers will give the best price for your home to ensure a successful sale. Contact your local Balgores office by clicking here, or book a FREE property valuation by clicking here.

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