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The Value of SOLD - 02/05/2008
Our last article considered some of the pitfalls associated with pricing your home in relation to other properties available for sale (ie those remaining unsold). This week we look at pricing in relation to properties which have actually sold.
When considering what asking price to quote for your home, common sense dictates that the price of other homes which have sold locally should be a good indicator of the price you should be quoting.
However, research alone could well prompt you to price your property at a level which could either prove difficult to sell, or miss an opportunity to maximise your sale price. For example, whilst a property might have been advertised at a particular figure, it could well have actually sold substantially above or below this. Perhaps the property was reduced in price before a buyer could be found, or the attentions of several buyers forced the price up.
Secondly, irrespective of national trends, the property market is very sensitive to imbalances in supply and demand even on a street by street basis. When there are many qualified buyers all seeking a rarely-available house in a popular street the price goes up. If fate dictates that the following week five such houses become available in the same street, the achievable price may well be less.
Likewise there can be situations where a property is sold at a record price to an individual who particularly wanted a specific property for personal reasons. Conversely a situation could arise where a desperate seller agrees to sell at a very low figure for a quick sale.
Only the people involved in any of these transactions know how the individual circumstances of sale affected the value. So, if considering selling, it is vital to consult an experienced local agent to assess all of these factors. Call us now to arrange a free valuation on 01482 669982.
