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The Value of Sold

28 November 2017

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!

Dean Caldon

Managing Director

Grace & Rose Estate Agents

If you are looking to move home in the near future, or need any advice with regard to selling your property, please don’t hesitate to call 01277 623010 or email me direct on dean@graceandrose.co.uk or click to see our latest Testimonials and more advice in our Blogs

 

2020-04-24T16:01:11+01:00