If you want to sell a home, then ‘get real’ first say the experts
RIGHTMOVE’S campaign urging sellers to be realistic about pricing is backed by strong evidence that vendors need to “get real”.
Rightmove director Miles Shipside said: “This campaign is aimed at educating the millions of current and prospective sellers who visit Rightmove each month about the realities of the current property market.
“It’s so important to price and present a property appropriately in order to have the edge in getting it sold, and we’re looking to show sellers how working with a Rightmove member agent can really help with this.”
Rightmove’s July House Price Index revealed that 70 per cent of properties brought to market in the first six months of 2011 were still up for sale. Despite so many properties not selling, asking prices have risen all year until this month.
Rightmove is looking to educate sellers using a campaign page with an informative video guide. It will also be supporting the campaign with radio and online advertising.
Mr Shipside added: “There seems to be a mismatch at the moment between seller expectations and the realities of the current property market.
“Agents tell us that their two main challenges are motivating sellers to price realistically and attracting the right new instructions. Rightmove will be looking to assist with both these issues over the next three months.”
Once you make a decision to put a property on the market, how do you know how to price it accurately?
The National Association of Estate Agents has these five tips for sellers:
While national reports on house price trends can provide a useful indication of the state of the wider property market, it’s essential to realise that housing markets are local. Even within local areas there can be a number of micro markets. Make sure you do your research into how house prices have been affected in your region, town – even street. Take a look on websites like www.propertylive.co.uk to see how other properties in the area are priced. Also check to find out how much similar homes on your street sold for; a number of websites provide this information.
It’s not enough simply to understand how houses are priced in your area at the moment – it’s also important to know the direction that they are travelling. This can also help you to price cleverly. For example, if prices are dropping by one per cent every month and you want to sell within three months – drop your price by three per cent at the outset. This will give you a more competitive price and increase the chances of getting a good offer. Additionally there are areas and types of property where prices are still increasing.
Often the easiest way of getting the most up-to-date information you need is to consult a respected, local professional.
Agents who are members of the NAEA, which means they are experienced and qualified, can be found at www.naea.co.uk.
A professional agent can be invaluable in the selling process.
You need to be realistic when you price your property – the memories that make the house so valuable to you aren’t shared by the buyer. More likely, they are thinking about what they will change about the house!
There is no point putting a value on sentimentality.
Again take advice from an NAEA member.
There are two figures to be aware of when you are selling your property – the amount that you would like to receive and the figure that you are prepared to accept.
Knowing both of these at the outset will help you to price your home and also make negotiations with buyers more straightforward.