Has Your Property Been Under or Overvalued?
When selling your property, you trust that we have priced your home correctly. We have the details, and our goal is to get you settled quickly so that you can focus on enjoying your new life.
Agents sometimes offer different property prices for a variety of reasons, such as when an agent is simply trying to win your business over another agency or if the agent has more experience and knowledge.
When talking with home movers in Leicester, we’ve discovered that many people do indeed wonder about whether their property has been priced correctly. You’ve probably seen signs in real estate that say a piece of property has been priced “to sell.” But what does that phrase actually mean? And why should it matter to you, the buyer?
One of the main common home selling mistakes is getting the property pricing wrong. In this post we will look at a few ways to determine whether your property is priced correctly.
What is the Right Price?
In some respects, this is the million-dollar question. Is your property in Leicester priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money?
Well, the price of a sale is only ever about what the buyer and seller agree to. Other prices don’t really matter!
Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises.
Is my Property Overpriced?
There are a number of factors that could contribute to your property being passed over for an offer on your listing. It’s important to see if the price has been set too high, even though you have had plenty of views.
Even though potential buyers like the look of your property in Leicester, they may experience buyer’s remorse and feel as though the asking price is too high. They might view it and still love it but cannot convince themselves to put in a low offer either.
If you are finding that you are seeing a lot of interest in your listing while not receiving any offers, especially if similar properties nearby have sold, something may need tweaking.
Top Tip: If you think things need to change, don’t hesitate to contact your estate agent. After all, it’s in their best interest (as well as yours) to get a sale, so if their strategy needs to change, it should.
Is my Property Undervalued?
To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house in Leicester for. You may get an offer quickly, or even a number of offers, and this may worry you into thinking you could have achieved a better price. But that is not always the case. If you decide to sell your home, choose an estate agent who will market it efficiently.
Conversely, if you are getting no property viewings and your home is on the market at a lower price than similar houses which have sold nearby, an under-valuation might be making people wonder if the property has underlying problems and issues!
Top Tip: Do some research of your own into similar properties on the market in Leicester. If your property appears to be obviously priced low, speak to your local agent for advice.
Do Your Own Research
We at Keywest use our local experience and knowledge to advise you of what we think your property is worth. Sometimes though, it can be worth checking out other agents on the internet yourself, this can give you peace of mind that we’re on the right track.
You have so many tools at your fingertips when selling your house, and you should definitely use them! Head to the search engine of your choice and perform some searches for properties in your area. There are sites that not only give you specific houses on sale but also provide previous prices too.
There are many online valuation tools as well. These aren’t always accurate, and it is best to speak with experts who have local knowledge and experience throughout the sales process.
Top Tip: Compare similar properties in Leicester as you’re likely to get a good comparison. If you’re comparing similar properties, but in different areas, then different factors will affect the property pricing.
What Next?
Review your agent. If you’ve done some research and have concerns, talk to your estate agent about how they operate and whether they need to change.
Top Tip: Don’t be shy to ask the questions and challenge your property agent. It’s your property that you are selling; you are in the driving seat.
At Keywest Estate Agents in Leicester we use our skills, experience and local knowledge to place your property on the market at the right price. If we can help you, give us a call on 01162544555 or email lettings@keywest-estateagents.co.uk, and we will be delighted to help.
