‘How much should I sell my house for?’ is one of the biggest questions sellers have to answer. The truth is that the price you sell your home for is one of the most important financial decisions you will ever make. Therefore, it should not be taken lightly.
Luckily, as difficult as it may seem at first, there are a few ways to find the correct answer to this question and ensure the sale of your home goes smoothly and rapidly.
In this article, our experienced estate agents in Newham are sharing tips on how to find out how much your home is worth and how to price it correctly when selling. Not doing so may cause you to increase how long the sale takes or decrease how much you stand to make from the sale.
What you can find in this article:
- Start by Looking at Your Home
- Factor in the Area
- Compare Prices
- Enlist the Help of a Local Expert
- Determine Your Selling Strategy
Start by Looking at Your Home
The first thing our experienced estate agents in Newham recommend you do is to assess your home’s strengths and weaknesses. There are many factors that can affect how much your home is worth and many, of course, have to do with the home itself.
According to our estate agents in Newham, these are the factors that will primarily determine your home’s value:
- The home’s age – the older the home, the higher the chances it needs more work to improve comfort and energy efficiency; this may bring the home’s value down
- The home’s overall state – if it is new or even older but has been refurbished and updated or requires a lot of work
- How solid the home’s structure is
- The overall size of the home
- The number of rooms and bedrooms
- The layout of the rooms
- The home’s décor – modern or outdated
- If the home has outdoor spaces such as a garden, a terrace, or a balcony
- If the home has parking or a garage
- If the home has dedicated storage spaces such as a shed, basement, etc.
Assessing your home’s strengths will allow you to factor in what your property has compared to other similar properties and determine how much more you can ask for when selling it.
Once you’ve assessed the home’s weaknesses, you can determine whether or not you want to invest in fixing any issues. If you do not, you should be willing to decrease the selling price so that the buyer can take care of any required works.
Factor in the Area
The second tip our estate agents in Newham have for you is to take a good look at the area the home is located in. You can, once again, make a list of strengths and weaknesses before you determine how much you want to sell your home for.
Some of the local factors to take into account are:
- How well-connected the area is to other areas such as the business district or the city centre
- How many transport options residents have in the area and how short transit times are to other main areas
- The area’s demographics – how young the local population is and whether it is made up of mostly families, professionals, etc.
- How good the schools in the area are and what age groups are catered to
- What additional amenities the area offers such as shops, restaurants, but also medical facilities
- Whether or not the local authorities have regeneration plans in place – what the future of the area looks like
All of these local factors will determine how much your home can sell for and who your ideal buyer will be. For instance, if the home is well-connected to the business districts, you may want to target professionals. If the home is in an area with very good schools, you can target young families.
If you want to learn more about the specifics of different areas in East London, check out our comprehensive area guides.
Next up, our estate agents in Newham recommend you continue with a bit of research.
Ideally, you should have a professional by your side in this quest. However, it doesn’t hurt to familiarize yourself with house prices in your area before you enlist the help of an experienced local estate agent.
You can use local directories Zoopla or even the Land Registry website to see how much homes in your area are going for. Taking what you have learned in the previous steps, you can research similar properties and determine a fair price.
The trick when doing this research is to focus on the prices the properties were sold for. Focusing on the prices of properties for sale won’t do you much good since that is how much the seller wants, not how much they will get.
Our estate agents in Newham recommend you enlist the help of a local agent. They have more inside information about how the market is moving and how much wiggle room you have when setting the price for your home. Our estate agents in Newham can provide a free valuation for your property and help you determine a winning selling strategy.
Enlist the Help of a Local Expert
Because the market is so volatile at the moment, it’s important to have a professional by your side who will help you navigate all the uncertainty. Buyer demand is currently decreasing, and you need to be able to price your home and market it specifically if you don’t want to keep it on the market for months or to get a final price that is lower than it normally should be.
Enlisting the help of an experienced local agent will give you valuable insights into the latest property trends and help you not only price your home but also make it more appealing to potential buyers.
A professional house valuation will give you all the information you need to price your home correctly and get you one step closer to a successful sale. An experienced agent can also offer you tips on how to market and present the home to shorten the time it stays on the market. Homes that are priced right always sell quicker and this can save you a lot of hassle.
Determine Your Selling Strategy
Last but not least, our estate agents in Newham emphasize the importance of a coherent selling strategy. Your selling strategy must take into account your specific needs and objectives. If, for instance, you need to sell fast because you have already started the procedure of buying another property, your selling strategy should be completely different than if you were in no hurry to sell.
If you need to sell the home quickly, you may have to compromise on the price. However, you may be able to conclude the transaction even faster because you will be attracting cash buyers.
To get the best price and close the deal fast, our experienced estate agents in Newham can help you apply strategies such as marketing the property as “priced to sell” or arranging bids between potential buyers.
On the other hand, if you are not in a hurry to sell the home, you can price the home higher and test the market. If no potential buyers show interest, you can then decrease the sale price. The only downside to this strategy is that the home will most likely stay on the market for longer and that may deter potential buyers who will be asking themselves if something is wrong with the property.
The key to making these strategies work to your advantage is to have an experienced professional by your side. If you want to sell a property in East London, do not hesitate to contact our experienced estate agents in Newham today at 0207 055 0441. They have what it takes to help you price your home, sell it, and make the most of your profits.