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Do you believe that buyers never pay the asking price? Many sellers feel that way, but it’s not really true.
Most buyers are simply looking for somewhere to live that they love, and the homes that garner the most interest, sell faster, and even get multiple offers are the ones that are correctly priced.
So, where does the asking price myth come from, what can it cost you, and how can you break free? The answers are all right here, so let’s take a look at:
There’s plenty to explore, and this week’s blog will help you get that SOLD sign at the highest price your home deserves without unnecessary stress or delays.
The idea that homes never sell for their asking price goes back to the dinosaur days before the internet when the moving process was more opaque. Here’s what it looked like:
This has all been disrupted by estate agency websites, property portals and price bands. Buyers can see every home for sale in their price range and how long it’s been available without talking to anyone.
Transparency now reigns supreme, which means precision pricing is vital to avoid losing valuable interest, but also that agents’ valuations are easier to understand and challenge.
Nothing is sweeter than being told your home could be worth tens of thousands of pounds more than you thought, but it’s crucial to know whether that high valuation is actually achievable.
Unfortunately, one of the easiest (and laziest) ways for agents to get a home on their books is to promise the seller the earth, then change their story later on. Here’s how it works.
As well as being a disappointing experience for you, the overvaluing practice creates a landscape of price reductions that makes it look like homes never sell for their full price.
Fortunately, you can avoid this with some homework. Check the portals for sold prices from the last 3-6 months, and make sure your contract lets you switch agents easily if things don’t go to plan.
Like most sellers, you probably love your home. It’s a wonderful feeling, but that emotional attachment can lead to a rose-tinted expectation on price when the time comes to move.
While it’s completely natural to see your home through a unique lens, it’s also wise to be mindful of the following potential pitfalls:
The trick is to acknowledge the difference between your valued experiences in your home, and your home’s market value, which can be easier said than done but stops you from unintentionally pushing buyers away.
Property makes great content. Whether it’s terrestrial telly, streaming shows, or social media gurus, we lap it all up. And while it’s highly watchable and highly readable, it often focuses on friction and drama.
Essentially, the messaging creates a false narrative and a self-fulfilling prophecy, which often makes the experience of buying and selling far more complex and stressful than it needs to be.
Correctly priced homes that are fresh to the market find it easier to generate excitement and competition among buyers, and when it comes to setting your asking price, it looks a little like this.
Ultimately, buyers want to view homes that tick as many of their boxes as possible, not least that they can afford them, and an inflated asking price can deter the best of them or make you invisible.
The myth that buyers always need a discount is just that – a myth. What really matters is generating excitement among the highest number of high-quality buyers in the shortest space of time.
We’d love to help you get that right, so call us on 01565 318 622 or email us at enquiries@lordandporter.com to see how we sell homes in Cheshire for the very best price with data-driven and expert local knowledge.