Many potential purchasers have a great deal of information available to them especially via the internet enabling them to make an informed comparison of house prices nearby. It is extremely important to make sure that your home compares favourably with others on the market - especially when it comes to price.
Setting the right price on your house invites interested buyers to make an offer. Every vendor wants to clear the highest possible value in the shortest available time but there are some important factors to consider.
An inflated value may put potential purchasers off, leaving your house ‘on the shelf’.This can in turn lead to other buyers to assume there is something wrong with the property and will either dismiss it before arranging a viewing or may make an offer well below the asking price.
Even if you are lucky enough to agree a sale at a high price, the bank may well refuse to lend if their surveyor’s valuation is lower than the asking price and negotiations may need to start all over again. This can cause a considerable delay in getting to completion. You could even lose your ongoing purchase as a result.
Careful pricing should ensure an enthusiastic response to your property when it first appears on the market and, hopefully, a speedy and favourable result.