There has been some discussion in the property market of late about the need to manage expectations when selling property. A lot of this is down to the fact that the asking price have been rising sharply while sales prices are coming in at a much lower level. There is some estate agents intent on promising big sales prices in order to win instructions and when this strategy becomes successful, it is inevitable that other agents will follow and the gap widens. In fact, a recent study suggests that the gap between asking price and sales price has reached 45%.
This is found in the information provided by a major online property site who lists the current average UK asking price to be £414,359 and the current sold price to be £226,906. This is a major difference and if you were informed that your property would sell for around £414,359 and eventually sold for around £226,906; it is natural that you would feel aggrieved, annoyed or upset. In fact, you would probably feel all three emotions, and more, at the same time.
Focus on asking price levels in your area
When you take average figures, you don’t get the full story. After all, the high prices found in London and the South East being used in the same context as the more affordable prices of the North East will create disparity. This means that vendors don’t need to lower their expectations by close to half when selling their home, but there is a need to manage this expectation in the correct manner.
A vendor should research their market and local area before setting their heart on a certain figure. Knowing how your property compares to the average property in the area is a good starting point as this can help you determine what sort of bid you should accept.
You can increase the value and demand for your property
It is also important that the vendor and the agent work together to make the home as attractive and as appealing as possible. There are quick fixes that can improve the nature of a home and in the right circumstances; these steps can improve the value of property. If you want to minimise your discomfort at a low property price, it is best to take steps to make your property as appealing as you can. Even if you don’t have much time, you can make positive changes and we are here to help.
At Williams of Petersfield, we know that asking prices are higher than sales prices these days. When you come to us, we provide you with a lot of information about the market. We do our best to help you achieve the best possible price for your home but we also make sure that you know what is likely to happen.
Being fully informed allows you to make decisions on what to do for the best, and we want you to be confident about all your next steps in the property market. When you want support from an informed and experienced estate agent, get in touch with Williams of Petersfield and we will be happy to help.