Setting the right asking price for your home is essential to ensure a sale. The best way to set the right asking price is by hiring a local estate agent as well as a property surveyor. For instance, if you are planning on selling your home in Leeds, then you should get in touch with estate agents in Leeds and ask them for an approximate valuation; this will give you a fair idea of how much your house is worth.
With that being said, it is very important to make sure that your estate agent values your property correctly. If an estate agent undervalues your property, then you might be losing money during the sale. On the other hand, if the estate agent overvalues your property then you might have a hard time finding the right buyer for your property. Essentially, enlisting your property on the market with the right price point is crucial to making a sale. So, what do you do if your estate agent overvalues your property? Here are 7 things that you need to consider.
1 Understand buyer demand
What is the current buyer demand in the area? If you have a three-bedroom house in a city like Leeds or Manchester, then you might be able to sell your house at a higher valuation because of high buyer demand. However, if you have a four-bedroom flat in the boroughs, you might find it harder to sell your flat due to the overvalued price. Figure out the buyer demand and alter your asking price accordingly.
2 Look at showing requests
If you have listed your property on the market for a few weeks and you have received multiple showing requests that means potential buyers are willing to pay the higher price for your property. However, if you have not got any showing requests for weeks, then you might want to consider slashing the price to attract potential buyers.
3 Figure out how to meet halfway
If the asking price is too high, potential buyers might not be interested, and if the asking price is too low, then potential buyers might think there is something drastically wrong with the house. Also, setting the right valuation is important to get the right price for your home; after all, who would want to sell their house at a loss? Figure out how you can meet the buyer halfway to make a deal you both are happy with.
4 Do your own research
Look at the number of similar homes that have sold in similar areas in the past six months. How much have those homes sold for? Was it close to your asking price or much lower? If there are similar homes in your street or neighbourhood that have sold for the same valuation as your estate agent recommended, then you might not have to worry. If the average selling price is much lower than the one your estate agent quoted, then you might want to reconsider your options.
5 Get a second opinion
It is always a good idea to get a second opinion before setting the asking price for your property. You can get in touch with local estate agents or hire a property valuator who will thoroughly check your home and give you an approximate valuation. Surveyors and property valuators use various factors such as locality, neighbourhood, space and size, number of bedrooms, age of the house, condition of the property, renovations and remodelling work and other such things to determine the value of the property.
6 Read the signs
Two tell-tale signs will let you know if the property has been overvalued; if potential buyers are making very low offers or if potential buyers are just not interested in your property. Your best option, in this case, is to accept the highest offer that you have received or to reduce your asking price to attract more offers.
7 Consider relisting your home
If you feel that your estate agent has severely overvalued your home, you should consider relisting your home instead of letting it sit on the market for months on end. Before you relist your home, change the interiors, take new pictures and write a new description so that your property looks fresh and new. This might peak buyer interest, and the lower price point will definitely increase showing requests.