Getting Your Asking Price Right: How to Attract Buyers Who Mean Business

Getting Your Asking Price Right: How to Attract Buyers Who Mean Business

Your asking price shouldn’t undersell the true value of your home or scare off genuine buyers. Here’s how to find the sweet spot between optimism and realism in a buyer’s market.

It’s no secret that the property market isn’t as bullish as it was a few years back.

Homes are still selling – many of them very quickly.

But rising interest rates, along with healthy stock levels, mean that buyers are more price-sensitive.

Which is why it’s crucial to get your pricing strategy just right.

Homes that are well-presented and priced accurately generate immediate interest, viewings and often multiple offers – a scenario that can actually push prices up.

Conversely, sellers who inflate their prices to ‘test the market’ only wind up testing the patience of buyers. As a result, their homes tend to sit stuck on the market for months.

As Richard Donnell, executive director of research at Zoopla, explains: “Price your home too high and you may be frustrated by the lack of offers.”

If you’re keen to secure a good deal for your home and move on with the next chapter of your life, here are some tips on accurate pricing.

Talk to experienced local agents

You need to understand what properties are selling for right now. That means considering asking prices and selling prices.

Ask agents to provide evidence to back up their valuations and quiz them about their track record in the local area.

You’re looking for honesty here, not someone making big promises just to secure your business.

It’s easy (but not professional or productive) to tell someone what they want to hear.

But an agent who promises an unachievable price is simply wasting your time.

Take anecdotes with a pinch of salt

You may have heard that a neighbour sold their home for a particular price a year ago.

Or maybe someone on the school run has strong opinions about what local properties are worth.

This is all useful background information, but ensure your understanding of the market, as it stands today, is rooted in reality.

Also remember that properties can vary enormously in terms of fixtures, fittings and whether they’ve been extended.

Don’t take things too personally

If you list your home and a buyer comes back with a cheeky low offer, don’t take it personally. (Your agent has an obligation to inform you of all offers.)

In some cases, it can be the start of a conversation – they may be testing the water and have more room to move.

If you can get to a closer position on price, consider how quickly the buyer could move (eg have they sold their current property, or secured a mortgage-in-principle).

Think about the big picture, especially if you’ve already found your forever home and don’t want to lose it.

We’re the local property experts, so call us for an honest, professional valuation.