Setting the right asking price key to a good sale
- 15th July 2014
- Selling Property News
Up-to-date information on the number of viewings helps sellers to know if they have the set the right asking price.
One of the biggest decisions for sellers is the asking price they put on their property. If it is set too high it may detract viewings and lead to fewer offers and a lower sales price. If it is set too low the price may fail to reach the level that the seller wants, particularly if potential buyers with a higher budget ignore it.
London's sales market has achieved strong results for buyers over the last twelve months, with average prices up 18.5% to May 2014 according to the Land Registry.
Stephen Ludlow, Chairman of ludlowthompson, comments, "News reports of London's booming house prices is encouraging sellers to market their properties for high valuations and some of them are achieving great prices after short marketing periods.
"However, we advise sellers to keep a close eye on the number of similar properties for sale on the same street or in the neighbourhood. An abundance of similar properties for sale in the same area can impact whether a seller can achieve their asking price.
"Weighing up all the factors and not just looking at the highest bid is important. Serious buyers with their finance in place or with a big deposit may be a better option than someone who has put in a slightly higher bid but who is still actively looking for alternative properties."
ludlowthompson offers all its sellers live information on the number of viewings their property is attracting through its "My Account" online portal. The service also provides feedback left by viewers of the property, so sellers can respond to particular concerns raised or potentially reduce their pricing if they get a lot of feedback that the property is overpriced.
Stephen Ludlow adds, "Being able to monitor how many viewings the property is getting is critical to knowing whether the property may reach or exceed its asking price. It is also highly important to work with an estate agent with thorough local knowledge who is able to advise you on local demand for similar properties and provide regular feedback on how the marketing of the property is progressing."
News reports of London's booming house prices is encouraging sellers to market their properties for high valuations and some of them are achieving great prices after short marketing periods.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS