The UK’s largest independent estate agency suggests that pricing a property at or slightly below the market level will attract interest and may well lead to potential buyers competing with each other, resulting in a quick and well-priced sale.
Paul Smith, Chief Executive of haart said: “People are still keen to buy even in the current uncertain market, and pricing your property correctly is the best way of attracting people to view. That’s more likely to lead to an offer. If both price and property are attractive you could get multiple offers and be able to negotiate a deal that’s not far off the asking price.”
Mr. Smith warns that canny buyers are being cautious and will be put off by over-optimistic pricing, leading to potential delays and other problems with a sale.
“It’s very tempting to ask as much as possible for your property, on the basis that you can always come down if you have to. The trouble is, our experience suggests that over-pricing may mean buyers don’t even bother to view and will look elsewhere instead.
“This could lead to your property staying on the market for weeks, prolonging the inconvenience of showing people round, and possibly delaying important life-moves. And if your property hangs around too long people will be further put off because they’ll wonder what’s wrong with it.
“Delays can also wreck chains. No one wants their sale to be delayed by a chain which has got bogged down because one of the vendors can’t sell.
“The property market is still buoyant at the moment but it is a buyers market. Studies have shown that those who price their properties above the market often up end making less. Pricing your property correctly can lead to you achieving close to the market value and a quick sale.”