One of the most critical factors to selling a house quickly is pricing.
It will impact both your finding of potential buyers and how you negotiate with them.
Let’s look closer at how to price your house to sell fast.
Why pricing matters
Pricing is an essential part of gaining viewers for a property in the first place.
And once you gain viewers, its a significant factor in a property’s overall competitiveness.
After all, isolated locations aside, each property is one of several local properties competing for buyers’ attention. This means pricing could be a deciding factor in a sale.
Finally, pricing a property higher often leads to it spending more time on the market. And the longer its on the market, the less appealing it becomes to other potential buyers.
Data on pricing for houses
A study by HomeOwners Alliance revealed that homes that sell in just 12 days are the most likely to achieve their maximum asking price (100.89%).
Based on the average UK property price of £218,000, a 12-day sale could result in an additional £1940 on top of your asking price.
The study used data from over 5,000 estate agency branches across Britain.
It also found that:
- Houses on the market for a couple of months would achieve 96% of the asking price
- After three months, this would fall to 94%.
How do you price your house to sell faster?
So, how do you speed up the sale of your home without sacrificing profit?
1. Get multiple valuations
You must price your home accurately if you want a speedy sale. Approach several estate agents and get a free valuation for your home.
If you do your research on similar local properties, you can agree on an asking price that will appeal to buyers in your market.
Remember, this may not always be the highest valuation – the key is to be realistic to secure that quick property sale.
4. Be honest with yourself and the house buyer
Honesty is always the best policy, especially when selling your home fast.
Trying to conceal any problems with the property may delay the selling process if they come to light later.
It may end up costing you, the house buyer, a lot. Ask your estate agent for an honest opinion of your house, and reflect this in the property description.
If the photographs and description accurately show the property to its best advantage, you are much more likely to attract buyers with a genuine interest.
By employing these simple tips, you can capitalise on the 12-day window and achieve your maximum asking price.
5. Negotiate
Negotiating the sale of your house is a factor in your final earnings.
It can involve a range of tactics and strategies, depending on the potential buyer and their motivations.
For example, offering additional perks (such as including furniture as part of a sale) works in some cases. In others, setting a firm ‘cut-off’ point is essential.
Factors to consider after pricing
We’ve compiled some handy tips to help you sell your home quickly.
1. Staging a home
Staging improves the appearance of a property before potential buyers’ have viewings of it.
It involves tidying up and cleaning the property. This can also include de-personaliation (which helps buyers better imagine living there) and de-cluttering.
Curb appeal can also come into this – Is the exterior of your house attractive, clean and well-kept?
Whilst homeowners generally put a lot of work into ensuring the interior of their homes is presentable, the exterior can often be forgotten.
2. Make minor but necessary upgrades
Ensuring your house is well-maintained before it goes to market is essential.
However, it is also important to remember that the ROI on home improvements is generally less than 100%.
Whilst remodelling your kitchen certainly adds value, it will depreciate daily.
Making necessary repairs, such as replacing broken light bulbs, dealing with dripping taps and cracked tiles. And make sure your house is clean and tidy.
The more serious the issue, the more important it is to address it. For example, damp in a property can devalue it a lot.
If problems arise after a survey, you will have to address them.
