When selling a house, one of the biggest questions that homeowners often ask themselves is, how much should they sell their house for? As you can tell, this is a financial question that needs a proper answer, otherwise, you stand to lose money – and lots of it in some cases. So, you should never take this issue lightly. Even though it might seem like a daunting task at first, one can actually get a proper answer to this question, thereby ensuring that the transaction goes smoothly and effectively. This is what we are going to look at in this article, by sharing tips on how to correctly price your property when selling. So, stick around to find out more.
Factors to consider when pricing your home
What is the home like – When determining the price of a property, you first need to assess its strengths and weaknesses, as it is from this information you will get a rough idea of the home’s worth. To really understand the home value properly, consider the following:
- The home’s age – the older the property, the lower the value since it might require a lot more money to improve its energy efficiency and comfort;
- How solid is the structure;
- What is its overall state;
- The overall size;
- Of course, the number of rooms therein;
- The rooms’ layout;
- How is the décor;
- How is the outdoor space.
By assessing all of these aspects, you will be able to understand the property’s strengths and weaknesses, and therefore, will be able to compare it to other similar properties in the area. With regards to its weaknesses, at least you will be able to determine whether to fix them or not. And if not, are you willing to bring down the price? Just remember one thing, the way your home looks will certainly play a big role in determining its price.
What is the home’s location like – the home’s location is the other factor that will have a big impact on its selling price. This is actually common knowledge in the property industry where prices highly depend on the location. For better understanding, you need to ask yourself the following:
- How well-connected is the area to the neighbouring regions, particularly the city centre or business district;
- How is the transport, or better yet, how many transport options are there in that area;
- What is the area’s demographic like? Is it a place with a majority of the residents being young people, older people, families, professionals, etc.;
- How are the amenities in the area, including schools, medical facilities, restaurants, shopping centres, etc
- You also need to find out whether there are any regeneration plans in the area in the future.
Basically, all these factors not only help you determine the price of the property, but you will also be able to know who your ideal buyer would be. For instance, if it is an area with good schools, your ideal target would be young families, but if the area is well connected to the business district or city centre, then your ideal market would be professionals.
What will be your selling strategy – when selling a property, there are those who would not be in a hurry, and will take their time looking for a proper offer, while there are others who might be looking to make a quick sale, maybe because they’re in the process of buying another property, or they have an emergency of some sort. Now, you have to agree that any of these scenarios will certainly affect the selling price. If you are looking to sell quickly, it’s most likely you will have to compromise on the price, where the transaction might actually be very quick and with cash. But if you are not in a hurry to sell, the price might be higher, as more buyers will get an opportunity to place their bids, where you will then select the best offer. However though, if the property were to remain on the market for a long time, it may also affect the price negatively as it might start to deter potential buyers who will be wondering if there is something wrong with it hence the prolonged stay.
Compare the prices – you need to familiarise yourself with property prices in the area so that you can have a rough idea of what a fair price could be – of course, taking into account everything else we have discussed above. You can easily access this information from the Land Registry website. Basically, you will be focusing more on the prices of the properties already sold, paying more attention to the final price rather than the listed price.
Get help from a local real estate expert
The truth of the matter is, you can do everything as we have discussed above, but still, it won’t be easy. Given the volatility of the property market, it is of utmost importance to have a professional estate expert by your side, to help you navigate all the uncertainty. As a matter of fact, this is what is going to determine how fast you sell the property, plus how fair the final price will be. Given the expertise, you will receive valuable insights into the local property market, and in fact, other than helping determine the price, the expert agent will also help in making your property more appealing to prospective buyers. You simply can’t get it wrong with such an expert on your side!
Now, one such expert is Kariba Properties, one of the most reliable and experienced estate agencies and property managers in West London. As a licensed agency, they have access to a wide range of properties as well as listing services and can therefore easily pull up database in the relevant area to compare home prices. As a result, they will be able to give you a fair price for your property. So, if you don’t know much about the property market, you can rely on a professional local estate agency such as Kariba Properties to help you determine the selling price of your property and sell it for a good return.