Setting the Right Asking Price for your Property Sale

If you’re looking to sell your property in Shropshire, it’s important to set a realistic price to drive buyer offers.

Changes in expectations over recent months have led to some property owners setting their asking price too high. This is particularly the case for the generation of homeowners who have only really experienced significant increases in house prices, making it difficult for them to adjust to the different market conditions we currently face.

It is becoming increasingly common practice for sellers to build in a buffer on top of their asking price to give themselves room to ‘negotiate down,’ a tactic which often proves extremely counterproductive.

For example, with a house that is valued at £250,000, many sellers set the asking price at £275,000 or even £300,000, in the belief that after negotiations have taken place, they will still get roughly the approximate asking price. However, this doesn’t take into account changing buyer behaviour over recent years, with more house hunters now using property websites and email alerts to narrow their initial search. Most buyers set a maximum price filter on these searches, meaning that properties above this won’t be seen, drastically reducing the number of potential interested parties.

The good news locally is that because Shropshire is still a much sought-after location for quality homes, sellers should be reassured if they set an appropriate asking price, and if their property is professionally promoted and presented, they should be able to generate significant interest.

We’re here to help. Contact your nearest Nock Deighton office for expert guidance from our team of Chartered Surveyors.