Our last article considered some of the dangers associated with pricing your home in relation to other properties available for sale (i.e. those remaining unsold). This time we’ll consider pricing in relation to properties which have actually sold.
When considering what asking price to quote, common sense dictates that the price of other homes which have sold locally could be a good indicator of the price you should be quoting. However, your research could well prompt you to price your property at a level which could under- or over-estimate your optimum sale price.
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 will naturally go up, yet if the following week five such houses become available in the same street, the price will inevitably fall.
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, who might otherwise suffer repossession, agrees a sale at a very low figure for a quick sale.
Only the individuals involved in any of these transactions truly know the circumstances of sale which may have affected the value. However, you can get the best insight too, by employing a local estate agent who knows what’s selling and what’s not selling and the most likely reasons why, which can be absolutely vital information, for your own sale to succeed.
Time for a chat? We’re here to help.
28th November 2017
Grace & Rose Estate & Letting Agent
If you are looking to move home in the near future, or need any advice with regard to selling or letting your property, please don’t hesitate to call either myself, or one of our team at Grace & Rose, your local, independent, family run Estate Agents in Billericay 01277 623010 and Brentwood 01277 230300 – book your free market appraisal https://graceandrose.co.uk/contact-us/ or email me direct on email@example.com
We also cover Shenfield, Chelmsford plus the surrounding villages including Blackmore, Bobbingworth, Chipping Ongar, Doddinghurst, East Horndon, Fryerning, Great Baddow, Great Burstead, Great Warley, Herongate, High Ongar, Hutton, Ingatestone, Ingrave, Kelvedon Hatch, Little Burstead, Little Warley, Moreton, Mountnessing, South Woodham Ferrers, Stock, Stondon Massey, The Lavers, The Rodings, West Horndon and Writtle.