Saturday, 15 November 2008

Price property sensibly for a quick sale

At haart estate agents, we’re urging people who want to sell their properties to ensure they are realistically priced in the first place.

There are still lots of people looking to buy, no doubt keen to take advantage of the recent cut in mortgage rates. So we’re encouraging sellers not to have unrealistic expectations about what their property is worth in the current property market.

Over-inflated prices will put off buyers and lead to potential delays – and they may look elsewhere instead. Your property could end up on the market for much longer, possibly delaying important life-moves. If it hangs around for too long, people will be further put off because they’ll wonder what’s wrong with it.

On the other hand, If both price and property are attractive, you could get multiple offers and be able to negotiate a deal that’s not far off the asking price. Plus, if you are also looking to buy, you too could pick up a bargain, balancing out any losses incurred.

It’s very tempting to ask as much as possible for your property on the basis that you can always come down if you have to. But delays can wreck property chains. No one wants their sale to be delayed by a chain which has got bogged down because one of the vendors can’t sell.

The cut in mortgage rates means we now have many more people able to get cheaper deals; this means anyone with a well-priced property is now in a far better position to sell and we should see the green shoots of growth returning once more to the housing market.

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