How to sell your property for the right price
Oct - 23 | No comments. | Blog
One of the most important decisions you can make when trying to sell property is the price. If the price isn’t right or the tag is too high, buyers will skip your property listing and move on to the next one – it’s no coincidence that one of the main search filters on all property portals is the price.
So how can you make sure your price is fair? How can you avoid losing out on what your home is worth?
Here are Sell My Property‘s five steps to getting your house price right:
You may have lived in your home for several years – perhaps even your whole life – but your buyer has likely never set foot in it before. All those memories? The price your originally paid? They don’t care about that. The concern for them is how much they can afford, not how much you need to raise for your next deposit. Before you even start to think about your price tag, take a step back and distance yourself. You’re selling a property – not a home.
Check the competition
Before you can price your property competitively, you need to know how much the going rate on the market is. A Comparative Market Analysis is the traditional practice, which involves hiring real estate agents to evaluate the value of your home, but with selling property online, the game has changed: the competition is listed right next to you. Check the portals you will be listed on with Sell My Property, particularly TheMoveChannel.com, and see what sellers of other properties of the same type are asking.
Look at your location
After the type of property, location is the most important factor in the value of your home. Is it near a beach? Is it in a holiday home hotspot, such as Murcia? A buy-to-let market for young professionals or students? Perhaps a luxury home in a major city, such as Paris? Again, check the competition on property portals to see how many properties are in your area and what their asking prices are.
Consider the market
Wider market trends are also important to consider. Is the property in a recession-hit country where prices are low? If so, it may not be the best time to sell. Is it in an economic safe haven, such as London, where buyer interest is high, regardless of value? Is it located near a university or an area where tourist numbers are high? If your property can be sold as a buy-to-let, make sure you mention it: the option of additional rental income can make the difference between an expensive lifestyle purchase and a long-term profitable investment.
Add an incentive
Sometimes buyers need an additional enticement to commit to a purchase. If your property has been on the market for several months with no enquiries, try lowering the price for a limited period – and explicitly mentioning it in the listing as a discount. Other incentives, such as including furniture, may help attract first time buyers, while you should also draw attention to other financial benefits, such as an ongoing stamp duty holiday.
For more on selling your home online through Sell My Property, read about our available packages.