So, you have decided to sell your home. Whatever the reason – be it upsizing, downsizing, or moving out of the area completely – selling a property can be a challenging – but rewarding – undertaking.
At Brookings, we are supporting first-time sellers by highlighting everything you need to know about making the sale, from valuation and marketing to mortgages and legal work.
How much is my property worth?
Valuing your property can be a major cause of anxiety. Set the price too high and you may miss out on eligible buyers. But set it too low and you may undersell your home.
A great place to start is the world wide web. Online platforms such as Zoopla and Rightmove have a huge database of properties to browse. Look for those with similar characteristics as yours – such as the street, outdoor space, bedrooms, bathrooms, parking, and so on – to give you an idea of how much your property could fetch.
Is your property worth a premium?
Some buyers are willing to pay a pretty penny to live in an exclusive neighbourhood or in a school catchment zone.
One study, for example, found that houses within the catchment area of a school with an “outstanding” Ofsted rating cost 13.2 per cent more than houses near a school with a “good rating, and 31 per cent more than houses near a school which “required improvement”.
Mortgage valuations are rarely the same as agents market appraisals
Do not be surprised if the mortgage valuation of your home turns out to be 10 to 20 per cent lower than an agent’s valuation. Initial mortgage valuations usually only use official property market statistics and use low valuations to protect the interests of the lender.
Market forces
Some factors are simply out of your control. If the local property market is struggling, you may need to adjust your price to entice prospective buyers.
Account for seasonal shifts
Carefully consider the time of the year to maximise the value of your home. Research shows that houses sell quicker between February and June, but slower over the festive period (December to January).
Your estimate should reflect your circumstance
How eager are you to move? A house at the lower end of the market will be snapped up quickly, while one at the top end will likely have to wait for the perfect buyer. Use this knowledge to inform the final estimate.
After you’ve put your property on the market
Accept that buyers may want to negotiate a discount. Most buyers will usually start five to 10 per cent lower than what you are asking for. This is completely normal and part of the “game”. If you have full confidence that your home is worth what you are asking for, a buyer will usually be prepared to make an offer in full.
Get expert help today
When there are so many variables at play, valuing a property is never easy. Luckily, your expert estate agents at Brookings are here to help and guide you with honest valuations and the best advice to suit your position. For assistance in selling your property, get in touch with our team today.
