The Importance of Setting a Realistic Asking Price When Selling Your Home

One thing those selling their home have to get right is the asking price. It can be tempting to get as much as you can, especially if you are planning to move to a more expensive property yourself.

Overvaluing, however, has it’s downside and can actually mean your property takes much longer to sell. At Graham & Co we believe that an accurate valuation is essential if you want to attract the right potential buyers.

Zoopla’s recent analysis of house prices found that properties that are valued can take as much as two more months to sell. Vendors often decide to drop the price once they fail to get the appropriate number of viewers after overvaluing. Zoopla’s research also found that the average price dropped to as much as £12,000 below the selling price of homes that were actually fairly valued. 

It’s important to understand this as there is a connection between what the person buying the home wants to pay and the sellers expectations and these have to be compatible. Going too high can knock your entire sale off-kilter and lead to the property staying on the market for too long. Desperation can then creep in and end with substantial price cuts to bring potential buyers in.

If someone does decide to buy your property at an inflated price, however, it doesn’t mean you have succeeded. A mortgage company may look at the valuation and decide that it’s too high and refuse to grant a loan.

While it can seem attractive when your estate agent puts a premium value on your property, therefore, it’s not always a good thing. It’s vital to have that honest talk about what the property is really worth. Those selling their house would be well advised to do their own research before starting to look at individual estate agents.

It can be easy to get swayed by an off-the-mark valuation and be tempted to put your house up for sale for that amount. Giving yourself a cooling-off period when considering estate agent quotes is a good idea rather than jumping in without any further thought.

How to Do a Property Valuation

The good news is there are plenty of sites where you can do some serious research on local house prices. It’s important to take a look at similar properties in your area and what they actually sold for. There are several house selling sites that provide online tools to get a quote but you should always treat these as a rough estimates.

In the long run, it’s really vital that you use the services of a local estate agent who knows the area well and has a good idea what the market is like. Look for an agent who is happy to explain why they are valuing your property in a particular way and avoid anyone who is making claims for a higher selling price in order to simply get your business.

An estate agent will take a whole range of factors into account when valuing your property, not just the number of rooms and how big the garden is. They’ll look at the surrounding area, including schools and amenities, and the overall demand for properties.

At Graham & Co, we have a long track record of delivering accurate valuations for those selling their home in the Andover and Whitchurch areas. Contact our expert team today to see how we can help get your home on the market.