Imperative To Set Realistic Pricing When Selling Your Property
Having experienced a marked increase in activity in the residential property market since the start of the year, compared to the same period in 2011, our residential team offer some expert advice for those now considering their options for selling.
Simon Brown, partner in charge of our residential division, believes now is a favorable time for those looking to put their property up for sale, with the market beginning to show some encouraging signs of activity as the traditional Spring selling season approaches.
Moreover buyers in the £125,000 to £250,000 bracket will be looking to secure a deal before stamp duty of 1% is reintroduced from 24th March onwards.
Since the start of April 2011, as a whole, CKD Galbraith has handled 868 residential property sales with an average value of £365,000. Prices achieved were on average within 0.7% of the asking price highlighting the firm’s expertise in setting accurate property valuations. The firm’s unrivalled knowledge of the Scottish housing market is drawn from the local knowledge derived from its 12 regional offices. The converse to this is a recent report* suggesting that the average property in Scotland is being sold for 5.4% below the asking price, the equivalent of £9,000.
It is more important than ever to select a selling agent with an accurate knowledge of the market in order to set prudent prices in today’s uncertain economic marketplace and where home reports allow for greater transparency.
The like for like data for 2011 compared to 2010 showed that viewing figures for the firm as a whole were up last year by a staggering 148% with the number of properties sold during 2011 increasing by 16%.
Simon Brown said: “Realistic pricing is imperative in today’s market which is still acutely price sensitive and driven by the buyer. Quality properties in good sought after locations are selling well and as a firm we have experienced a marked increase in viewing activity since the start of the year.
“Sellers need professional straightforward advice during uncertain economic times, as houses that are obviously over priced and poorly presented get little interest and achieve below the inflated asking price.”
Preparing your property for the market needs some considerable thought. Simon outlines some expert advice to bear in mind:
- It can be advisable to sell first so you’re not tied up in a ‘chain’ allowing you to negotiate firmly with funds in place, when the right property comes to the market.
- Conduct your own research to make sure you’re well placed in a competitive market where price is one of the most decisive factors.
- Identify the property’s unique selling points and make sure you focus on them, not dwelling on any negative or difficult aspects - what were the outstanding features that made you buy it? It is more than likely that a potential buyer will be attracted to those features and they need to stand out.
- Make it as easy as possible for buyers to love your house – first impressions are lasting impressions. Buyers tell us they make up their mind to buy a house within five minutes of arriving; this means you can lose them within the first five minutes too, if you don't set about creating the right impression.
- Don’t forget the garden - it is important that it is well presented.
Properties are selling provided the price is sensible. A realistic agent who understands the local market and can present your property to its full potential is invaluable.
To discuss any aspect of selling your home do not hesitate to get in touch with the residential team in one of our 12 offices situated throughout Scotland.