When it comes to achieving a quick and successful sale, accurate pricing is key. Time and time again, sellers and their agents have made the costly mistake of setting unrealistic asking prices which have deterred viewers and resulted in properties lingering on the market and becoming stale.
Understanding how to price your house for sale is one of the most important parts of the selling process. The right sale price should reflect your home’s value, the condition of the property, buyer demand, local house prices and wider market conditions. A clear, evidence-based approach can help you avoid an overpriced property, reduce the risk of a later price reduction and give you the best chance of attracting strong viewings from serious buyers.
Due partly to an increasing presence of online and hybrid agents in the marketplace, competition amongst estate agents is at a record high. We note that this battle for listings has fuelled some agents to attract sellers with inaccurate and unlikely prices. In the buoyant Edinburgh market where homes are regularly achieving well above their valuation, there is now a marked confidence amongst sellers which has tempted many to consider taking a gamble by pursuing an ambitious asking price.
However, instructing an agent based on their promise of an inflated price, can often lead to disappointment. With ready access to market information online, buyers are savvier than ever and are often well educated in the recent prices achieved. 9 times out of 10, the first week of marketing a property draws the greatest number of viewers and these are often the most motivated buyers. ‘Testing' a high asking price in the opening weeks of a sale, can result in subdued interest and the property remaining on the market. If a home does not sell within the typical time scale, buyers frequently assume that this is because there is something wrong with it.
Buyers often compare homes across property portals such as Rightmove and Zoopla before deciding which properties to view. They may look at sold prices, average price trends, local amenities, market data and recent activity in the housing market. Online valuation tools such as Zoopla house valuation can provide a general indication, but they cannot replace professional pricing advice from local estate agents who understand the area, the market climate and the features that influence a property valuation.
As a rule, initiating marketing at an accurate price, will produce a quicker and more profitable sale than pursuing a high price gamble.
Several practical factors can affect a house valuation and the level of interest a property receives. These include:
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The overall condition of the home
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The kitchen, bathroom, flooring, roof and layout
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Signs of damp or structural issues
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Kerb appeal, including the front door, fence and gates, garden and driveways
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Any renovations, upgrades, planning permission or home improvement works
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Whether the property is a detached house, semi-detached house, terraced house or flat/maisonette
The presentation of the home, including neutral colours, wallpapers and limescale build-up
The local market appraisal and buyer demand at the time of sale
A survey or mortgage lender’s assessment may also influence how a buyer proceeds. This is why it is important to be realistic from the outset. A buyer may be willing to offer strongly in a sellers’ market, but in a buyers’ market they are more likely to be cautious, particularly if interest rates, affordability or market conditions are affecting confidence.
At Drummond Miller, our experienced property team will always provide you with precise and honest advice regarding what your home is worth and will supply you with solid evidence of comparable sales in your area. We will use our expert knowledge of your local market to devise the most effective pricing strategy in order to achieve the best price, fast.
As part of your wider property journey, it is also important to think about the legal stages that follow once an offer is accepted. Your conveyancer will guide you through the next steps, including the exchange of contracts and completion of contracts where applicable, as well as any issues that may arise during the transaction. Selling your home with Drummond Miller Property is not only a financial decision, but often an important life step. We’re here, to get you there, with clear guidance from experienced professionals.
To speak with a member of the team, please call 0131 229 3399 or email
property@drummondmilller.co.uk.
When Marketing Your Property, Always Remember To:
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Make sure the agent valuing your property provides details of recent, comparable sales in the local area in order to support their valuation.
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Ask the agent what percentage of asking prices they are attaining on average.
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Consider whether the proposed price reflects current market conditions, buyer demand and recent sold prices.
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Review the likely sales timeframe and whether the pricing strategy supports your end goal.
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Be wary of relying only on online valuation tools, as they may not account for the condition, layout, upgrades or local appeal of your specific home.
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Set expectations at a realistic level. Listen to the professionals as we are here to get you the best price.
For trusted guidance at every stage of your move, Drummond Miller Property provides practical support for clients navigating important property decisions. Whether you are preparing for a market appraisal, reviewing pricing advice or moving through the legal stages of your sale, our team is here to help you move forward with confidence. To discuss your next steps or request honest pricing advice, please speak to our property team today!