You ask anyone who has recently gone through the process of how to sell a house. They will tell you straight – selling your property is one of the most complex and time-consuming periods of your life.
They will also highlight the importance of setting the correct asking price. The reason is that it is crucial in ensuring your sale is successful. Today, let’s look into why setting the right asking price is of utmost importance and how exactly you determine the best price for your home for people looking to buy property in Stockport.
The Importance of the Asking Price
The asking price is the first thing potential buyers look at when searching for a property. The right asking price has the most significant impact on their interest in putting in the offer.
When your asking price is too high, buyers will be instantly discouraged as it will not meet their budget. That means they look elsewhere for property more within their expected price range. On the other hand, if you set your asking price too low, you stand the chance of leaving money on the table.
The asking price is the starting point of negotiation, so you need to figure out exactly what price is fair and reasonable for your ideal buyer.
Determining Factors
Determining the correct asking price for your property is going to be challenging, but, as any estate agents Stockport will advise you – there are several factors to consider to gain the best return on your investment.
The property market can fluctuate (as we have seen over the last few years), and it is essential to keep that knowledge of changes heavily at the forefront of all decisions in setting the asking price. The current property demand in your area – and the available supply of homes within it – can seriously impact the price that most buyers are willing to pay.
The condition of your property is also something that will significantly impact its value. If your property is in a well-maintained state with a fresh design – complete with the most modern features and updates – it is much more likely to fetch those higher prices over properties that require a certain amount of repairs or renovations.
Around the Area
The location of your property is going to be among the highest factors for determining the right asking price. Properties located in desirable areas, such as ones close to schools, shopping outlets and transportation links are the homes that fetch the best prices due to convenience.
Researching similar properties that have been recently sold in the same vicinity can help you to gain a better understanding of what buyers would pay to secure a property in the area. The best way to go about this is by working with a local estate agent that has all the information on the value of the area and what people are willing to negotiate around.
Stuck with an asking price dilemma? Talk to our team at Joules Estate Agents today for up-to-date buying property advice and sales.
