The price is right!
From the title of this week’s entry, you could be forgiven for getting excited that I was about to pay homage to the late Leslie Crowther and his brilliant 80’s show. Whilst I loved the over Americanised “whoop whoop’s” of selected contestants and the hours of family fun trying to price a 3 berth caravan, a wood effect hi-fi and a “pong” game machine, sadly this relates to asking prices.
I was sat on the 5:48am train to York recently and next to me was Mr Chatty who once had found out my profession asked me the usual 100 questions. In fairness to Mr C, he was about to put his house on the market and move to York (I really should think about doing the same thing) and was really concerned about the asking price for his home, like everyone, he wanted to sell his house, but he didn’t want to give it away. So with 3 hours and 15 minutes to go, I decided to offer him the following advice:
Let’s make you attractive!
The asking price is really important, I read a quote from Henry Pryor, the BBC’s “property expert” (there can be only one!), who said “Sellers – remember that your asking price isn’t an indication of what you will accept, it’s a guide to encourage buyers to come and view” – nicely worded Henry. He’s right, the price needs to make the property look attractive, in the same way good photos and a well worded advert does, so take your time in getting it right.
What’s gone before you?
You need a good agent to help you price your house, this shouldn’t be a drum roll affair “and the price of your property is…………….£!” this should be the 2 of you sitting around the table looking into the market and fully understanding what has sold before, what is on the market now (your competition) and what buyers are actively looking. There is a science to all this (for example using square footage as a clinical way of pricing) and all these factors need to be brought together before agreeing the final marketing price and expected sale price – they are often quite different.
Ok, finger in the air time!
Sometimes however, you are faced with something which makes no sense. Something different, maybe odd, unique, massively desirable – where you have no option apart from testing the market, possibly with a “offers in the region of” price.
So there we have it (Chatster thought it was useful anyway!) get a decent estate agent, with plenty of supporting evidence and take time to agree the price together. Get it right and your advert will be shouting….. “come on down, the price is right!” (yes I know, I groaned when I wrote it!).