Theme: HOW TO ASSESS THE PRICE OF YOUR HOUSE FOR SALE IN THE PRESENT FINANCIAL SITUATION
June 30, 2009When trying to sell a residential property, particularly in the present credit crunch, the most crucial aspect is always the asking price. This might appear obvious, but it is extraordinary how many sellers are presently burying their heads in the sand and sticking to an asking price which might have been sensible a year and a half ago, but which is now welland truly overvalued. Anyone who is serious about a residential property sale, never mind a Swift Property Sale must accept that the value of their residential property is currently about 25% less than it was at the peak of the market in mid 2007.
So calculating the right asking price is essential. Purchasers are now coming back to the market in ample numbers to ensure sales are going through, but no purchaser will pay a 2007 price for a residential property bought in 2009. If you want to Sell Property Fast you need to be aware of that.
Some rules of thumb in working out what you could expect to achieve:
1. Are there any similar (or preferably identical) houses nearby which are currently for sale? If so at what price? These are your competition and to ensure yours sells before theirs you will need to undercut their price. You must have an aggressive “Sell Home Fast” strategy
2. Have there been any current sales of identical or similar houses to yours. Actual sale prices are a reliable help, they tell you what purchasers are really willing to pay. The sales are all recorded by the land registry as a matter of public record, they can ideal be accessed via the Rightmove website, by clicking the “house prices” tag on the top menu then typing in the postcode.
3. You can adjust actual sale prices made some while ago using these easy rules: houses are presently worth about 25% less than in mid 2007 and values are approximately the same as they were in mid 2004.
4. If you would like a more accurate guide from historical sold prices then go to the Nationwide Bank website. They provide a value calculator where you can input the value achieved and the date reached, the calculator automatically calculates the current value.
5. If you’re able to remember the price you paid for your residential property then it can again be useful to put the valuation and date into the Nationwide calculator and again it will compute a forecast current value.
6. Do not be tempted to over value your residential property because you have spent money on it. Prepare your residential property well, and be sensible about the price, and you definitely can achieve a Swift Home Sale even in the present financial situation. In particular, bear in mind that new kitchens and bathrooms don’t add to overall value. This is because most purchasers expect that these items will have been kept up to date and renewed from time to time during your ownership.