Realistic Pricing Is Imperative When Selling Your Property

Having experienced a marked increase in activity in the residential property market since the start of the year, we have put together some advice for those now considering their options for selling in 2011.

George Lorimer, from our Cupar office, 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 increased activity. Viewing figures for the firm as a whole have more than doubles for the first three months of 2011 against the same period last year.

Good rural lifestyle properties in desirable locations throughout Scotland, particularly with a few acres of land, are remaining highly popular and there are still a good number of potential buyers in the 250,000 to 350,000 price bracket as well as the 375,000 to 500,000 range, for the right properties.

Throughout 2010, prices achieved for all properties sold by the firm were on average within 0.5% of the asking price, highlighting the firm's unrivalled local knowledge of the market and expertise in setting prudent valuations.

George Lorimer said: "Quality properties in good sought after locations are selling surprisingly well, however it has to be emphasised that the market throughout Scotland is still acutely price sensitive. Sellers need professional straightforward advice as houses that are obviously over priced and poorly presented get very little interest in this very fragile market.

"There is also an increased emphasis on being out of a chain' when both buying and selling a property. It can be advisable to sell first so that you are not tied up in a chain' and renting or staying with family or friends is a sensible option for a short period of time, so that you are ready to move and negotiate hard with funds in place, when the right property comes to the market."    

With the official start to British summer time leading to lighter nights for viewings, it's now the optimum time to get your property ready for the market. George outlines some top tips to bear in mind when preparing your property for sale: 

  • 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 selling points.
  • Make it as easy as possible for buyers to love your house as first impressions are lasting impressions. So spend a little on dressing your house for example a freshly painted bright living room can create a tranquil and desired atmosphere.
  • Now is not the time to invest significant sums making large alterations, such as the installation of a new kitchen or bathroom as people will be able to see past it as long as it's not in dire straits.
  • It is important that the garden is well presented and make sure you de-clutter the house to convey a feeling of space. In addition, ensure the simple things, but ones which may be overlooked, are carried out such as cleaning the windows and removing any pets during viewings.
  • Selling a property can be an extremely stressful time but above all the most important advice would be to stay patient and to hold your nerve.

Properties are selling provided the price is sensible and the marketing is pro-active in a slowly recovering economy, so choose your agent wisely. A realistic agent who understands the local market and can present your property to its full potential is invaluable.

Need some advice?

If you would like to discuss your selling options with us, get in touch with our residential teams who are in 12 offices across Scotland who would be happy to help.