In this weeks article, we discuss..
“House prices, and the importance on getting your asking price right – first time round.”
House prices are one of the most frequently discussed topics in the UK – and being at the sharp end, the question I am most frequently asked is: ‘How much is my house worth.’ If left to chance, the result may well be whatever a lone buyer offers. Selling a house is simple; selling a house for a premium price is more complex and calls for a clearly defined strategy and accurate market valuation based on research, experience, and the property’s credentials, to create a competitive situation with multiple buyers.
The post-covid property boom saw demand far exceed supply, which pushed up prices for the best properties. But it also raised price expectations across the board, leading to sellers, and some agents, setting the bar at an unrealistic level, leaving unsold properties to stagnate on the market only to be publicly marked down in price (openly drawing attention to the fact it was over-priced to begin with), temporarily taken off the market and ‘rested’, or the seller moves on to another agent, a colossal waste of time and money. This is particularly important now, as expectations may be out of kilter as the market gradually returns to a pre-covid norm.
Halliday Homes is a small independent estate agent and if we were to over-value a property it would be obvious to all. We take immense care to ensure our valuations are evidence-based and not simply plucked out of the air or based on a neighbouring property’s valuation. If properties are accurately and honestly priced and a clearly defined marketing strategy is put in place to create a competitive closing, the balance of power shifts from a single buyer being able to dictate the price, to multiple buyers focussed on beating other interested parties – and a premium price for the seller.