Get The Best Price For Your Home
13th August 2023
13th August 2023
To sell your home for the most money, it’s best to understand local trends in your market and the best method of selling to meet your goals. In this blog post, we look at some of the more important factors to get your property sold for the most amount of money possible.
When there are more homes for sale than there are buyers, it usually brings prices down as sellers compete for fewer buyers. We often call this a buyers’ market. On the other hand, when there are more buyers than there are homes for sale, it tends to drive prices up as buyers compete for fewer homes. We call this a sellers’ market. If you are looking to sell your home at the highest price and are in no real rush, try and wait it out for a sellers’ market.
A good way to gauge whether you’re in a buyers’ or sellers’ market is to look at the average ‘Days on Market’ for similar homes in your area. DOM is a statistic that shows how long homes are actively listed on the market. If similar homes to yours are selling faster than the average DOM for your area, then it can suggest strong demand and a good time to sell.
Home sales ebb and flow with the seasons. Spring typically brings the most buyers because many people want to move during the warmer months when the kids are out of school. While seasonal trends vary by market, they aren’t the only factor to consider when thinking about “the right time to sell”.
Every Estate Agent offers something different. Whether that be coverage, local knowledge, high street presence, accessibility, or dedicated team members to assist with every step along the way. Be sure to choose one that you can work with and who sells property like yours all day, every day.
Your chosen agent should work with you to try to achieve your goals. You need to work out your motivation and let your agent know. Are you motivated by price or by time? Do you need as much money as possible from your sale or do you need to be moved by the school summer holidays?
Whatever it be, let your agent know so that they can deliver!
Usually, a property will gain the most interest within the first few weeks of marketing. If you haven’t had many viewings or an offer within a sensible length of time, take advice from your agent, that’s what they are there for!
The market will dictate a property’s value and if you are not getting viewings, it is likely price-related. If you need to amend the price don’t do it too soon, but similarly, don’t wait too long or the property might seem ‘stale’.
Ultimately, a house is worth what someone is prepared to pay. However, you still need to make sure you put your property onto the market at a correct asking price in order to attract enquiries.
Enquiries convert to viewings and viewings convert to offers. If the property is overpriced, it can be detrimental and often vendors end up accepting less for their home compared to what they may have got, if they launched their property to the market at the correct price in the first place.
Use a mixture of property websites and word of mouth from local estate agents to find out what the house next door sold for, as well as similar-sized homes further afield. Don’t fall into the trap of comparing your price with other guide prices. Not all guide prices are correct so don’t base your research on them!
The first offer might not be the best one. Always instruct your agent to ask for an increased offer and wait. At the end of the day, you have the property they want to call home. A good agent, in most cases, can get an increased offer from your prospective buyer.
Let the agent negotiate:
Sometimes getting personally involved becomes a bit too personal. Your estate agent will have done it hundreds, if not thousands, of times before and will have your best interests at heart. You should have appointed an agent that you trust and respect, so listen to their advice.