Are you getting ready to sell your home and move elsewhere? If this is the case, here are some things you should know…
Out of your control
Events happen that are out of our control and these events can impact the value of your property. Some for the better, some for the worst! So, let’s find out more about some of best examples…
- Perception – Perception is such a tricky contender to deal with! No matter how nice an area may be, there may be this perception that it’s not a very nice place. Once that opinion has been formed it’s very hard to break. However, if the shoe is on the other foot, you can reap the gains of an area that people perceive to be better than it actually is.
- Economic factors – The economy plays a huge role when it comes to home prices. If the economy is rising then home prices and sales will increase with it. Needless to say, if the economy is a depressed one, then the housing market will follow suit.
- Disasters – Luckily the UK isn’t well known for wildfires and hurricanes, however if a disaster was to occur the price of your property would fall, albeit temporarily. If the problem reoccurs, the value of your home suffers permanently. A good example of this would be homes based on the eroding coast in the UK.
A shocking reason why your home may not be selling!
Your house may not be selling because it is TOO CHEAP. That’s right, the answer to you dilemma could actually be increasing the asking price. Why? Let’s find out…
Buyers set a budget before they begin searching for a home and they like to spend within this budget. Quality is the most important thing. This means that there is every chance a buyer will purchase a more expensive home even if it is similar to yours. They could dismiss yours as inferior solely because of the low price tag. Think about when you look for a home. You don’t look for the cheapest property you can find, do you? You look for the right property for you. This is why more and more people are turning to the likes of Make Homes new build houses because they want to have a home that is just right for them and their needs. Looking to increase the value your home provides rather than lowering the price is often more beneficial.
Also, when you speak to agents who encourage buyers to lower their price range, they say they do so as the buyer is going to benefit from being included in more searches online, as they appear in another price range. Yet, this is not the case, as you disappear from the previous price bracket you were in. You won’t appeal to a new pool of searches, just a different kind – the cheaper kind. Another reason why you may need to increase your asking price is if you have it set at £495,000 or £499,000. Change it to £500,000. The number 9 does nothing to help you sell your home. You will appear in less searches.
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