November 29, 2018
Selling your home? Here’s how to achieve your asking price or above
When it comes to selling a property, you’ll want to get the best possible price for your home. This is why setting the right asking price is so vital. However, it can prove to be a challenging and tricky process.
You may find that buyers are looking to negotiate and haggle on price. Therefore, you’ll need to ensure you are in a strong negotiating position in order to achieve your asking sum or above. You can increase your chances of doing so by following the below advice.
Choose your agent wisely
Not all agents are the same – offering different reach and coverage in different ways. Because of this, you want to appoint one with good local knowledge who is used to selling property like yours. This way, they are more likely to have the best database of prospective buyers.
Once a buyer is interested in your property, they may want to negotiate on the price. Your agent will have done this plenty of times and will have your best interests at heart to achieve a good sale. You should have instructed an agent that you trust and respect. So it’s wise to listen to whatever advice they offer.
Know your market
Buyers aren’t the only ones who should do their research. To ensure you have set the right price to begin with, use property websites to study sales prices in your street. Focus on the last six months.
However, be sure not to fall into the trap of comparing your asking price with other guide prices. Instead, compare your price with sold prices. Simply asking 10% more than what you expect to achieve is a tried, and failed, strategy, so it’s best to do some proper research first.
Set the right asking price
This is where your agent steps up to the plate, setting a fair and realistic asking price for your home by taking conditions of the local market and current trends into account.
Setting your property at a lower price could undermine the true value of your home, while setting the asking price too high could deter potential buyers. By pitching it correctly, you will increase the chances of offers being made and the sales process starting in earnest.
Consider a realistic timeframe
Typically, a property will gather the most interest from buyers in the first month of being on the market. If you have not received an offer, discuss with your agent what you could do to attract more interest.
It’s important to adapt to a changing market in order to avoid deals falling through, so be realistic with your timeframes and expectations.
Find the right buyer
Your agent will inform you of all offers and will vet all buyers before negotiating has even started. What they determine to be the strongest offer may not be the highest bid, but from a more committed buyer – such as a cash buyer not in a chain.
Keep in mind that the first offer might not be the best one. When discussing price with a prospective buyer, always ask for an increased offer and wait. If the buyer is in a rush, use this to get the very best offer for your home.
Fortunately, with people looking to push through sales over the coming weeks and months, now is as good a time as any to sell. By taking the above tips into consideration, you can improve the chances of achieving your maximum sales price. As long as you have a good plan and implement it well, you could have your property sold in no time.
To find out how much your home could be worth in the current market, why not request a free and instant online valuation?