Setting the right selling price for your St Albans property will help you find reliable buyers who are serious about putting in an offer. But finding the right balance between setting it too high or too low can be difficult. That’s why we’ve put together a guide on choosing the right asking price for your home in St Albans.
Look at local prices
You can use current prices of similar properties in St Albans as a helpful guideline on what price to put on your own home. Also look back on historical sales using Land Registry data based on specific districts within St Albans. Take into consideration how long the property was on the market and if the price dropped from the initial asking price to the final selling price. You should consider the size and features of the property, along with its proximity to things like transport hubs and schools.
Market trends
Property prices fluctuate based on a variety of different factors and these should also be taken into consideration when setting a selling price. For example, national government policies, financial markets and unemployment rates can all have an effect. The regeneration of the surrounding area will typically have a positive impact on local properties. Value is not just based on tangible assets, but also the perceived value placed on the property by potential buyers.
Property type
The type of property being sold also needs to be taken into account. The amount of time left on a leasehold will influence its value, especially if there are less than 70 years remaining as it is likely that only a cash purchase is possible, lowering demand and price with it. A freehold property generally goes for more money on the market as it ensures outright ownership of both the property and the land it stands on.
Local estate agents
Getting a valuation from a local agent in St Albans, like Daniels, is key. They will know the local area, its local history and current trends, giving you a strong guiding hand towards finding the right price. Finding the right agent can help identify if the price you are thinking of setting is too high or low based on recent sales they have made. While you should always do your own research, relying on professional help will enable you to form a full picture of your property’s value.
Allow for negotiation
Very few people are lucky enough to set a price that is instantly agreed to by the buyer. In most cases a form of negotiation will take place and you should set the price to account for this to happen without losing an unexpected portion of the property’s value. Add on an extra 5-10% to the price you want to sell for as this will serve as a buffer should the buyer ask for a lower price.
Your selling window
Some people need to sell faster than others – usually due to a commitment to moving somewhere else – which means you may have to change your price accordingly. That could translate to anything from lowering the price to attract bids or using sealed bids, which may shorten the sales process by setting deadlines for people to submit their offers. Asking for ‘best and final offers’ tends to lead to buyers putting in strong bids above the asking price. While you do also run the risk of receiving low-ball bids, remember that accepting a bid is not legally binding.
If you are thinking of selling your home in St Albans, get in touch with our friendly estate agent team who will be happy to help.