Help to Buy boosts sellers’ expectations
- 16th October 2013
- Selling Property News
It is a good time to sell but be wary of overpricing a property and putting off potential buyers.
The media frenzy around the launch of the second part of the Help to Buy scheme has stoked sellers' expectations of selling at very high prices.
While it is a good time to sell because of high demand from buyers and a shortage of available stock, property will not sell for more than it is worth.
Stephen Ludlow, Chairman of ludlowthompson, comments: “As the housing market becomes more buoyant, there is a danger of over-exuberance. Sellers’ optimism over property values could lead to overpricing which may put off buyers. The smart seller will put their property on the market at the right price and sell quickly.”
Tips on selling your property
- Research the local market – check prices of comparable properties online including what similar properties sold for on the Land Registry website.
- Don’t necessarily accept an estate agent’s valuation without fully understanding why they believe the property will realise that price.
- Don’t go for the highest price suggested by an estate agent. The agent may use the figure to secure your business and then if the property doesn’t sell suggest lowering the price.
- Don’t create an impression that there is something wrong with the property by significantly dropping the price or keeping the property on the market for too long.
- Offer the estate agent an additional fee for selling the property above the guide price.
- Don’t over promote the property. If it is a modest home don’t pretend it is a prime property.
- Set the price lower than you want with the aim of getting competing buyers to push it up.
- Have a clear selling strategy: decide the lowest price you will take but don’t tell the estate agent.
- Make sure your property is priced competitively. Don’t let your property become a lever for the estate agent to use to sell other properties in their portfolio.
- Get everything in place: solicitor, paperwork and mortgage if you are buying another property. Once you have bagged your buyer you don’t want to lose them.
Sellers’ optimism over property values could lead to overpricing which may put off buyers.
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