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The price is right - or is it?

So you’re wanting to sell?And the market is, well - flat? Can you sell? Will you sell? Here are our tips for selling in the current climate.

Selling your property currently takes a steely nerve and a healthy reality check. But, with the right outlook, the right price and the right attitude - deals are still being done.

Look around you - what are similar houses on the market for? Are they moving? The houses that are selling are the houses that are priced to sell - and some of these properties will sell quickly - as the cash buyers lurk in the shadows, waiting for the right price to pounce. 

The rest will remain unsold - with a lot of people still holding on to their dream Summer 2007 valuation - times have changed - and so must the price being asked. 

Rightmove seem to think that realistic asking prices are 10% below the Summer 2007 price point. That means if you were valued at 600,000 back then - you’re worth 540,000 now. So look at the properties that are available for 540,000 in your neighbourhood -  what’s the competition like?

If there are three or four comparable properties in the same area in the same price range and they’re not selling you may want to consider a further adjustment. Maybe another 5%? How would you compare then?

The simple fact is that this is a buyer’s market - and you must do what you can do to gain their attention.

One Comment

  1. Posted September 11, 2008 at 9:00 pm | Permalink

    Great post. You are totally spot on. I wish every vendor who currently had their house on the market would read this first. As a cash buyer (who is always lurking!)you always feel the ‘baddie’ when you point out to the vendor that they have unrealistic expectations of what their property is actually worth.

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