If you want to sell a home, then ‘get real’ first say the ex­perts

Yorkshire Post - Property - - PROPERTY - Sharon Dale

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.

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