Do Your Homework (Part 1): Setting the Asking Price
Press release: 8th May 2013
Home.co.uk helps vendors navigate key initial steps in the home selling process
Selling a property will, for the vast majority of people, be the single largest asset sale in their lifetime. Poor preparation and planning for a house sale can cost vendors many thousands of pounds in addition to hours of stress and worry. Property website Home.co.uk urges vendors to do their own research and learn about the local property market in detail before nailing up the For Sale sign.
Over the next few weeks Home.co.uk will examine three key areas for vendors to consider before placing their property on the market. These publications aim to demonstrate how access to objective local property data can enable vendors to make better informed decisions that will ultimately help them achieve a successful sale.
Part 1: What is a realistic asking price for my property?
Property prices are in a constant flux and it is vital that an initial asking price reflects the features of the individual property but is also in line with local trends. Pricing too high will discourage buyers, leaving the house on the market too long and vendors burdened with mortgage repayments and ongoing bills. Pricing below the local market average can raise suspicions amongst potential buyers. Pricing correctly will, ideally, attract at least two potential buyers who may bid against each other.
Home.co.uk enables its users to review both asking price data and sold price data to provide a complete picture of what is happening in their local market. Understanding the relationship between the asking price and actual selling prices in a local area will highlight any signs of unrealistic price inflation and ultimately help set the vendor's expectations. Vendors should also note that asking prices are normally set slightly higher in the spring and early summer than at other times of the year. This is especially the case in second home markets.
Asking price and selling price data on Home.co.uk is available for all areas of the UK and is trended over time, free of charge. Vendors are able to benchmark their property by accessing the local pricing data (by town or postcode) broken down by property type, such as a house or a flat, and by the number of bedrooms in a property.
This comparable approach will provide any non-professional vendor with a valuable insight into the real value of their house, before seeking market appraisals from local estate agents. It is a common misconception that estate agents value properties. In reality, they merely advise on a suggested asking price and the only true valuations are provided by chartered surveyors who provide objective, accurate and underwritten valuations.
Doug Shephard, director at Home.co.uk, commented:
"Whilst our heads tell us that extensive research will help us in the long run, the thought of conflicting facts and figures can often put off many home buyers and sellers. With this in mind, Home.co.uk looks to provide robust and objective data on local property markets, without the need for spin.
Given the current economic conditions, there are considerable regional differences in the property market, both in terms of pricing and the number of homes being placed onto the market. Vendors need objective data to provide important local context to inform their discussions with estate agents, and to help them appoint the agents who have the right approach for their specific property."
Next Week: Do Your Home-Work (Part 2): How Long Will It Take to Sell a Property?
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Notes for Editors
Over the last 28 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.
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