Sell Your House At The Right Price ? The Risks Of Overpricing
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Finance > Real Estate
Mar 1, 2007
Susy Copus
Sell Your House At The Right Price ? The Risks Of Overpricing
The first step to selling is to have your house valued by a number of estate agents. You might receive a wide range of prices and though it might be tempting to accept the estate agent who quoted the highest valuation be careful. Avoid overpricing your property and be aware that agents will be keen to market your property in order to earn the commission from a sale.
It is important to understand a typical home search pattern. Interest in a property is at its height when it is new on the market. If a house is overpriced buyers will be less interested and so it could take longer to sell the property. Cheaper houses of a similar description will be sold first and by that time your house may have been over-advertised. If the price is then subsequently reduced would-be buyers may wonder what was wrong with the property in the first place ? why hasn?t it sold? Additionally having a price reduction can be dispiriting for the seller.
Of course sellers may think, ?Let?s try to get as much as we can - after all we can always go down, but not up?. This is true but the risk is that at a higher price fewer buyers will view the house and so there is less chance of any offer being made. Bear in mind that most buyers buy at the highest price they can afford. By being in a higher than fair price bracket you will be excluding your property from a realistic buyer.
The key from the beginning is to ascertain the right price for the property. The way to do this is to have your property valued by a number of estate agents and think of taking the average price. Ask each agent how they reached their quote, ask for details and prices of properties that they have recently sold. Be aware of any heavy selling techniques - you need to be able to trust that the agent is working in your best interest.
Be realistic but competitive. By asking for the right price you are likely to get the highest price in the shortest time.
It is important to understand a typical home search pattern. Interest in a property is at its height when it is new on the market. If a house is overpriced buyers will be less interested and so it could take longer to sell the property. Cheaper houses of a similar description will be sold first and by that time your house may have been over-advertised. If the price is then subsequently reduced would-be buyers may wonder what was wrong with the property in the first place ? why hasn?t it sold? Additionally having a price reduction can be dispiriting for the seller.
Of course sellers may think, ?Let?s try to get as much as we can - after all we can always go down, but not up?. This is true but the risk is that at a higher price fewer buyers will view the house and so there is less chance of any offer being made. Bear in mind that most buyers buy at the highest price they can afford. By being in a higher than fair price bracket you will be excluding your property from a realistic buyer.
The key from the beginning is to ascertain the right price for the property. The way to do this is to have your property valued by a number of estate agents and think of taking the average price. Ask each agent how they reached their quote, ask for details and prices of properties that they have recently sold. Be aware of any heavy selling techniques - you need to be able to trust that the agent is working in your best interest.
Be realistic but competitive. By asking for the right price you are likely to get the highest price in the shortest time.
Article Source: http://www.articlerich.com
Susy Copus is a property commentator writing about home moving, properties for sale, estate agent directories and house prices for the UK Property Search Engine, www.WheresMyProperty.com. Susy also writes for renovatealerts.com.
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The first ste to selling is to have your house valued by a number of estate agents. You might receive a wide range of rices and though it might be temting to accet the estate agent who quoted the highest valuation be careful. Avoid overricing your
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