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Top Tips For Pricing Your Home Accurately

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http://www.ft.com/cms/s/0/da81ef18-770b-11e0-be6e-00144feabdc0,s01=1.html

By Tanya Powley

Published: May 5 2011 13:18 | Last updated: May 5 2011 13:18

Pricing your property correctly is crucial when it comes to ensuring a sale. Priced too high and you may find that there won’t be any offers made, too low and you will be the one losing out again.

Over the past year, property agents have reported a drop in demand from buyers due to many sellers being too ambitious in their asking prices - making it difficult for deals to be agreed.

The National Association of Estate Agents (NAEA) has put together these five handy tips to help sellers price their home accurately:

1. Remember housing markets are local

The NAEA says sellers need to remember that while national reports on house price trends can provide a useful indication of the state of the wider property market, it’s essential to realise that housing markets are local. It points out that even within local areas there can be a number of micro markets.

Make sure you do your research into how house prices have been affected in your region, town - even street. The NAEA recommends looking at websites like www.propertylive.co.uk to see how other properties in the area are priced.

Other websites such as www.zoopla.co.uk can also provide information on how much similar homes on your street sold for.

2. Be aware of trends and price accordingly

The NAEA says sellers need to also know the direction that house prices are heading in their areas, too - helping you to price cleverly.

For example, if prices are dropping by one per cent every month and you want to sell within three months - drop your price by three per cent at the outset. The NAEA claims this will give you a more competitive price and increase the chances of getting a good offer.

But don’t forget, this works both ways. There are still some areas and types of property where prices are still increasing.

3. Ask the professionals

The NAEA, as the body representing estate agents, says sellers should also consult a local estate agent. Agents who are members of the NAEA can be found at www.naea.co.uk.

But a word of warning. It may be worth getting several valuations from different estate agents. There has been a recent trend of some estate agents overvaluing properties in order to secure the instruction onto their books. Make sure the valuations are realistic, otherwise you could see your property languishing on the property market for longer than necessary.

4. Put yourself in the buyer’s position

The NAEA says sellers need to be realistic and remember that the memories that make the house so valuable to you aren’t shared by the buyer. More likely, they are thinking about what they will change about the house.

5. Know what you are prepared to accept

“There are two figures to be aware of when you are selling your property - the amount that you would like to receive and the figure that you are prepared to accept,” says the NAEA.

Knowing both of these at the outset will help make negotiations with buyers more straightforward.

Some good advice, get ahead of the curve!

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7. Knock at least 15% off the lowest price any agent tells you when trying to win an instruction!

....at the same time knock their fee down....cheaper property, easier to sell, less work for the agent = lower fee = more instructions= greater turnover= bigger profits. ;)

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http://www.ft.com/cms/s/0/da81ef18-770b-11e0-be6e-00144feabdc0,s01=1.html

1. Remember housing markets are local

2. Be aware of trends and price accordingly

3. Ask the professionals

4. Put yourself in the buyer’s position

5. Know what you are prepared to accept

1. If nothing has sold locally for a while or if there is a wide variety of property types in the area this can be difficult. But it is true that one street parallel to another can be valued quite differently. Even on the other side of the road in some cases.

2. Yes, good advice to factor in the time it will take to sell.

3. The only advantage they have is knowing exactly what something sold for in recent months. Try to get an agent who has actually sold something in your street.

4. So true. Nothing worse than the delusion that someone's home "improvements" have made the house better. Previous owners stuck air conditioning in which they believed added to the value. It doesn't.

5. I would say you normally have to get what you need to move to your next house and anything on top of that is a bonus.

I would also include pricing at the £50K boundaries. Better to sell at £500K than £490K as you are on the first page of a search of properties in your area. And don't price above stamp duty thresholds, price at them. You will get far more interest in a £250K property than a £255K one, Likewise at the £500K/£1m thresholds.

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....at the same time knock their fee down....cheaper property, easier to sell, less work for the agent = lower fee = more instructions= greater turnover= bigger profits. ;)

Auction it

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Auction it

Good idea....and you don't have to be a cash buyer to buy at auction....mortgages are given very often and many buy that way. ;)

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Look at how much similar houses sold for in 2001 and put it on the market at that price.

Dont pussyfoot around, play hardball let them know you mean business, Look at how much similar abodes sold for in 1628 and offer 5 groats less

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I think the most important thing is that if you want to sell you need to be dynamic and responsive to the signals the market gives you.

You can't blame anyone for wanting to get the best price for their property (after all who on here would give away 50k if they didn't have to?) but if you've had the thing on the market for 3 months and had no visits its a likely bet that it's overpriced and you should move it down.

The local market/prices should be reviewed constantly. If you haven't sold for 6 months and something comes on Rightmove at 30K cheaper and similar then what is that going to do to the level of interest your property generates ?

I's not rocket science.

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Good idea....and you don't have to be a cash buyer to buy at auction....mortgages are given very often and many buy that way. ;)

Is it 40% cash buyers at the minute? and they don't need to sell their own house.

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My top tip to becoming a property millionaire.

When the property bull/bear indicator goes positive after the bottom (boom!)

Use this rule: The first day you buy, is the day you SELL.

Buy a house, give it a lick of magnolia, add laminate floors, and vases with twigs in appropriate locations.

Put it back on sale IMMEDIATELY plus £20,000 or more than you paid for it, if you can get away with more, do it.

Buy another house with the profits, rinse and repeat. Use 0% deposit loans where possible to buy multiple homes in one go. Aim to sell the house before the first mortgage payment. It can be done.

Once you have made a fortune, go to a TV programme maker and boast about your story to the nation in a documentary.

If you ever get unlucky and get caught out by a banking collapse, and the market slows down. Remove the property from the market, and relist at a HIGHER price. This fools the buyers into thinking the market is still going up, and will panic buy during the so called bull trap. :D

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My top tip to becoming a property millionaire.

When the property bull/bear indicator goes positive after the bottom (boom!)

Use this rule: The first day you buy, is the day you SELL.

Buy a house, give it a lick of magnolia, add laminate floors, and vases with twigs in appropriate locations.

Put it back on sale IMMEDIATELY plus £20,000 or more than you paid for it, if you can get away with more, do it.

:lol: See my signature..

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:lol: See my signature..

Haha excellent.

If anyone has a copy of the documentary about the university lecturers who flipped property on the side, please let me know. It was aired in 2004, it shocked me and got me "hooked" on the property market.

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  • 317 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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