At HomeTruths, a very important part of our service is to provide to our clients a comprehensive and detailed report on their asking price. We look at several different data points in order to establish whether their still achievable. In the vast majority of the time, we report back, much to our client’s relief, that we believe they should continue to market at their chosen price, or even at an increased level.
However, we are not the only party to be convinced. There are three other parties who, if not confident that your house is worth its price, can sabotage your property sale. Let’s have a look at the implications of their influence in turn:
Your estate agent. If your agent does not have confidence he can sell your home for the price you want, this lack of support will eventually filter down through the branch staff, and be in no doubt, to your viewers. It only takes a careless remark, such as “the vendors are very flexible” or “it’s always worth making an offer” and a buyer will get the subtle message that the agent does not support the asking price. The solution is to gather all the data you can regarding any houses sold in your local area, comparable properties currently on the market and even, if your maths is up to it, a price per square foot comparison table, showing how much house a buyer is getting for their money.
Your buyer. They are probably the best informed out of these three parties, as they are likely to be looking only within a particular price range, geographical area and house type. This makes them a ‘temporary expert’ of a house such as yours. If they don’t feel your house is worth the asking price, they may not even make an offer. The solution is to make your house as appealing for the 21st century buyer as possible, and compete strongly on features and presentation. Your marketing sets the scene, so ensure your brochure, photography and online advert are giving the right message, and back it up with a house that sells itself to a viewer.
Your buyer’s lender. This is a very important point: your estate agent may agree to market your home for a very optimistic price, and your buyer may get carried away enough to offer the asking price, but if he needs a mortgage, it’s the lender who makes the final decision. Their valuer will take a very cautious and guarded view of the value of your house, particularly if your buyer needs a relatively high loan amount. The solution is to present the valuer with your own dossier of comparable evidence to support your price. He will, of course, compile his own data from various different professional sources, but any information you can supply that will make his life easier, and your agreed purchase price more realistic, will really help to support your argument.
The lesson here is that preparation will really put you in a much stronger position and make your eventual sale price more likely to put a smile on your face.
If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch.
What to read next:How to get into your buyer’s mindset
What to do next: Sign up to my Selling Secrets http://www.home-truths.co.uk/selling-secrets