The National Association of Estate Agents has these five tips for sellers.
1. Remember housing markets are local
While national reports on house price trends can provide a useful indication of the state of the wider housing market, it is essential to realise that housing markets are local. Even within local areas there can be a number of micro markets.
Make sure you do your research into how house prices have been affected in your region, town - even street. Take a look on websites like www.propertylive.co.uk to see how other properties in the area are priced. Also check to find out how much similar homes on your street sold for; a number of websites provide this information such as www.zoopla.co.uk.
2. Be aware of trends and price accordingly
Obviously, it's not enough to understand how houses are priced in your area at the moment - you also need to know where they are going. This can help you to price cleverly. For example, if prices are falling by 1% every month and you want to sell within three months you should drop your price by 3% at the outset. This will give you a more competitive price and increase the chances of getting a good offer. However, there are areas and types of property where prices are still increasing, especially in London.
Often the easiest way of getting the most up-to-date information you need is to consult a respected, local professional. Agents who are members of the NAEA, which means they are experienced and qualified, can be found at www.naea.co.uk.
4. Put yourself in the buyer's position
You need to be realistic when you price your property - the memories that make the house so valuable to you aren't shared by the buyer. More likely, they are thinking about what they will change about the house! There is no point putting a value on sentimentality. Again you could take advice from an NAEA member.
5. Know what you're prepared to accept
There are two figures to be aware of when you are selling your property - the amount that you would like to receive and the figure that you are prepared to accept. Knowing both of these at the outset will help you to price your home and also make negotiations with buyers more straightforward.
If you still fail to sell, take a look at these additional tips compiled by Walletpop.
- Sell your home - when nothing else has worked
- Properties flood the market - make yours the one that sells
- Sell your home - the tricks of the trade