“You can always decrease the price, but you can never go up.”
What is the best way to sell your house and still make sure you receive the highest price possible? In this how-to guide, we will look at why it is so important to price your house correctly prior to putting it on the market, as well as advising on the most effective way to do it.
Why is it so important to price your home?
Ensuring you price your house before placing it on the market for sale is the most important factor to consider when dreaming of getting the most money for your property. The quote at the top of this guide is from virtually every homeowner who thinks pricing a property is not important and doesn’t believe their estate agent if they say £5,000-£10,000 can make a massive difference.
Properties can go stale if they are left on the market too long, and we see it on a regular basis. I’m sure you have seen it also, the house at the end of the road or the house next door to your friends; think back to any house that has been on the market a while and ask yourself why. I often use the analogy of selling a doughnut in a bakery, if it is overpriced it won’t sell on the first day, then they might reduce the price, but if you saw it on the first day, you know by then the doughnut is a day old, and nobody wants a day-old doughnut. That is the same problem when trying to sell a house.
What happens if you fail to price your house first?
So what is the worst that can happen if you choose not to price your house? Before we come on to the best way to sell your house for the best price, let’s look at what happens to a house that is not priced before being put on the market.
Take the circumstances for that house at the end of your street that we have mentioned. When a house has been on the market for six months, potential buyers are potentially put off viewing because they assume something is wrong with the house.
In simple terms, it is not the house that there is a problem with. The problem is that the owner probably ignored their estate agents when they were told ‘price your house’ before the sale. Therefore the house was actually listed at the wrong price for the first few months of being on the market and consequently overpriced for potential buyers.
What is the best way to sell your house for the right price?
If you want an accurate price for your property, the best way to sell your house is through a qualified property expert who knows the local area. This is the reason that love2move partners up with high street estate agents so you can use their knowledge to price your house and list your property at the correct price for your area.
Timing is another important factor to consider when trying to find the best way to sell your house for the best price. Here is our guide on when a good time to sell your house to help you find the best timing to sell your property; however, I believe the most important thing you can do when deciding if now is the time to get the most money for your home is to assess your competition.
How to price your house effectively?
It’s easy to price your house these days. Simply log online and put yourself in your buyer’s shoes and ask yourselves the questions you would do if you were looking to buy a home. Is the house on the next street with a new kitchen more likely to sell if it’s at the same price?
Even better, if you want an honest critique, you could ask a good friend to do it and compare similar properties to your house. Ask their unbiased opinion on which looks nicer online, and if you can change things to make yours appeal more, don’t be afraid to do so. If you can’t find any similar properties to yours- perfect, now might just be the best time to go to market, you could list at a slightly higher price than if you had lots of competition, its simple supply and demand.
Marketing a property is just like marketing any other product. It is essential to price your house to ensure you maximise your return. To ensure this, you have to have a good marketing mix: consider the four p’s: price, placement, product & promotion. Many of these are the same when selling any house, but you should focus on getting the price right, choosing the right estate agent (promotion), and product- what can you do to make the product you are selling (your home) more appealing.
The promotion element of the marketing mix can be amended or improved with love2move add-ons. I think the negotiation add-on is a must-have if you are looking to maximise the return for your home. The best way to sell your house and secure you the best price in the process is to let a professional negotiate for you unless, of course, you regularly negotiate as part of your job and are confident the skills overlap to selling a house.
Are you ready to maximise your selling price?
I hope this guide on the best way to sell your house for the best price has been useful for you, and hopefully, you will see the benefits of using love2move to sell your home. Enlisting the right expertise at times you need help, such as when it is time to price your house, will allow you to maximise your returns, which is something that is really important to us.
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