Are you looking to put your house on the market? One of the trickiest aspects of arranging a home sale is deciding how much you will put the house on the market for. When many people want to sell their home, they understandably look at the rest of the market to make a comparison on price. But is this a good way to determine the value of a home? Take a closer look at the value of making comparisons with other property on the local market when deciding on your home’s value.
Properties on the Market are Unsold
By the very definition of being on the market, the properties you compare your home to are unsold. Otherwise they wouldn’t be available for you to make a price comparison with. Therefore, you can conclude that a property still on the market may very well be overpriced. If it wasn’t, it would have sold. Pricing your home at the same level as a similar, unsold, home may result in your home being overpriced as well.
Compare Like With Like
It is obvious that your home will not be exactly the same as any other property on the market in your street or area. Look through the listings on a site like http://www.beresfords.co.uk and see which properties are most like yours, and then compare features like square footage, age, condition, number of bedrooms, and location, to see if your property can reasonably attract a higher price tag. It is a good idea to look online and then to check out some properties in person so you can see your competition and have a better idea of what is available for buyers at the moment. You can also check to see what is not selling – which houses have been listed for longest.
Don’t Go Back Too Far
Even one month is a long time in property. Don’t compare your house price with what a neighbour got six months ago for theirs. You need to only compare with recent prices and keep in mind any fluctuations in the market which will have affected property prices in general.
Offer Better Value for a Sale
You may think your property is worth more than another on your street because it has extra rooms, or the décor is better, but if you price it higher or the same as the other property buyers will not see it as better value – they will see it as more expensive. Experts at http://www.beresfords.co.uk suggest you try to see the property through the eyes of a buyer and set your price based on what will tempt someone to make an offer.
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