Negotiating a Price

When it comes to the financial dealings of selling your home,  it is important to keep a clear head and not become intimidated by price negotiation. It can be a very stressful time for both parties when trying to agree a fair price that both the vendor will be happy with and the purchaser will be able to finance. It can also take a good deal of time and negotiating skills. Instructing a local estate agent to value and market your property can take a lot of the stress out of the whole process and their market knowledge can be invaluable.

The agent should base the valuation on the current market and if you use a local estate agent they should have an abundance of knowledge about the area and a great deal of experience in setting the correct price for your property. It is relatively easy for a vendor to research current selling prices online themselves, but they must be aware that these prices are generally asking prices and not actual sales figures and can be extremely misleading.

Once the agent has valued your property and you all agree on a marketing price, then negotiations will begin. If the agent has correctly valued the property you should generate a substantial amount of interest which could leading to multiple offers being made, and subsequently may even result in you achieving offers in excess of the asking price. Most of the activity and offers will be received within the first two weeks of putting the property on the market, this is again why it is important for the agent to set the price correctly.

On the other hand if you over inflate the price this could be detrimental for your marketing and result in very little interest being shown and it taking longer to sell your property. However,   if you are in no hurry to sell, then this could be an option for you to start with but work with your agent who will advise you if and when a price reduction should be made.

Many online portals show the most recently added properties at the start of any search together with a date when the property was added. Properties which have been on the market for a longer period of time could become less attractive and this should also be taken into consideration when negotiating your selling price.

Once an offer has been made on your property make sure you consider it carefully and respond as quickly as you can, many serious purchasers will be put off by any delays and will move on to another property. Your agent will be able to advise you on this and could also know whether the potential purchaser has viewed  other properties similar to yours, the agent will also have met the purchaser and will know about their requirements and the speed at which they want to move.

If you decide not to accept the offer at this stage, the agent should ensure that all lines of communication have been left open should you decide to reopen negotiations at a later date and the purchaser is still looking.

Should you need further information please do not hesitate to get in touch with us at www.julietwist.co.uk