Don't underestimate the importance of accurately pricing your home

Selling a house can be a stressful and overwhelming process, and one of the most crucial factors in ensuring a successful sale is pricing your home correctly. Many homeowners are tempted to overprice their property in hopes of making a larger profit, or underestimate its value in an effort to attract more buyers. However, neither of these strategies are effective and can actually hinder the sale of your home. At Miller Town and Country we wanted to share why accurately pricing your home is essential for a smooth and successful selling experience.

Understanding house prices 

When selling your home in Okehampton or Tavistock, the most crucial factor is often overlooked – the price. Many homeowners overprice their properties, causing their expectations to clash with those of potential buyers. This problem has been amplified by falling house prices, with owners typically valuing their homes 15% higher than estate agents. Whilst online research can be useful, it's vital to recognise its limitations. Some homeowners base their prices on what their neighbours are asking, but it's rare for a house to sell for its asking price in the current market. Zoopla found that 42% of sellers receive less than 95% of their asking price. It's also important to bear in mind that sold price data on Land Registry may be at least 3 months old, and in the current climate, much can change in that time.

Common pitfalls when pricing your home

Setting the right price for your home can be a tricky task, and many sellers fall into common pitfalls when it comes to pricing. Owner overpricing tends to be based on sentimental attachments or unrealistic expectations. It's important to remember that the value of your home is determined by the market and comparable sales in your area, not by your own emotional connection or desires. Failing to consider market trends and conditions is another common pitfall. It's crucial to stay informed about the current real estate market and adjust your pricing strategy accordingly. Pricing your home too high during a slow market can lead to extended time on the market.

The advantages of accurate home pricing

Accurately pricing your home comes with several advantages. It increases the likelihood of attracting serious buyers. When potential buyers see that your home is priced realistically, they are more likely to view it as a legitimate contender and take the time to schedule a viewing. This increases the chances of receiving offers and, ultimately, completing the sale.

Getting the price right also helps to streamline the selling process by reducing the time your home spends on the market. When your property is priced too high, it can deter potential buyers and lead to extended listing periods. Delaying the sale of your property and letting it stagnate on the market can lead to potential price reductions later on. According to Rightmove “Accurately priced properties succeed in finding a buyer in less than half the time that it takes those that need a reduction…and the sale is 50% less likely to fall through.” It's important to keep track of the current market trends and adjust your pricing strategy accordingly, rather than risking an extended time on the market.

Setting a competitive and accurate price also increases the chances of receiving multiple offers. When buyers see that your home is priced fairly and in line with other comparable properties, they may be more motivated to submit a competitive offer in fear of missing out on the opportunity.

Accurate pricing ensures that you are targeting the right demographic and maximising your chances of a successful sale. 

Practical tips for correctly pricing your home

Pricing your home correctly is crucial for a successful sale. Here are some practical tips to help you accurately determine the right price for your property.

1. Research the market: take the time to research recent sales and current listings in your area. Look for properties similar to yours in terms of size, location and condition. This will give you an idea of what buyers are willing to pay.

2. Consult a professional: seek advice from a reputable estate agent who has extensive knowledge of your local market. They can provide a comprehensive analysis of comparable properties and help you set a competitive price.

3. Consider the condition of your home: take an objective look at your property and assess any necessary repairs or renovations. A well-maintained home in good condition will generally command a higher price.

4. Don't forget about location: location plays a significant role in determining a property's value. Consider any amenities, schools or transport links that may influence buyers' decisions.

5. Be realistic: avoid letting sentimental attachment or unrealistic expectations cloud your judgement. Price your home based on its actual market value rather than personal attachment.

6. Get feedback from potential buyers: if you're unsure about your pricing strategy, consider asking potential buyers for feedback. Their opinions can provide valuable insights and help you make adjustments if necessary.

Remember, accurately pricing your home will attract serious buyers and increase the chances of a successful sale.

Let’s get started

If you are looking for an honest and realistic valuation of your property that will get your Okehampton or Tavistock home sold, give our team at Miller Town and Country a call on 01837 54080 or 01822 617243.