Lancaster & Morecambe 01524 843322
Posted on Monday, July 1, 2024
I used to answer the true value of a home is what somebody is willing to pay for it. In many ways, I still believe this. However, there are ways we can encourage people to pay more. Every property I visit has what I like to call, a logical price. Every property also has the potential to have an emotional price. Let me explain the difference.
It’s easy to work out the logical price of most properties. Price comparison reports can do this easily, simply by entering your postcode. You can see what your neighbours have actually sold for.
Estate Agents, like myself, can delve deeper, looking into the Rightmove archives to see what those properties offered and how they compared to your home. A good estate agent will be able to tell you how the current market conditions compare and if any adjustments need to allow for this.
Take a look at Sold Prices on Rightmove. What has sold on your street recently? What is the average price this year for a home similar to yours with the same number of bedrooms? Are those properties roughly the same size? That figure is now your logical price.
The emotional price of your home is the top amount somebody is going to pay. But in order to achieve this, your home has to really stand out from the rest. It has to appeal to a buyer's senses. They have to want it enough that they are willing to pay that little bit more. A prime example of this is a 2-bed terrace in Primrose we have recently sold. In a particular area, a house has just sold for £133,000. Another agent has sold a property in good condition for £138,000. However, we have just sold a similar home for £145,000. All were the same size. So why did my buyer pay more when she had a choice out there? It all comes down to clever marketing, great presentation by both the agent and the client and using an agent who actually knows the property they are selling.
At JDG we give all our clients great tips and top advice on how to get the best price for their homes. We create a bespoke, tailored plan as every home is different. However, here are some simple tips to get you on your way to achieving the best price for your home.
Preparation work. You need to prepare your home for the market. This means taking a critical look. Your home needs to be sparkling clean. The decor should look fresh and neatly done. Any small repair jobs should be done from ill-fitting kitchen doors through to fixing broken fence panels. Bathroom grouting and sealant need to be free of mould.
Kerb appeal. Your home needs to stand out. It needs to look like it is the best on the street. We have written several articles on this which can be found on our blog. Simple tips are to paint your front door and polish your door furniture. Use window boxes and hanging baskets to add colour.
Photos. You need a great set of photos that really show your home off. Photos which are crystal clear and bright. Photos are there to grab a buyer's attention. They are there to make them want to look. Photos also need to be honest. Please make sure your home looks like your photos on viewing days!
Marketing. Your home needs maximum exposure to the market. This is not just advertising it on Rightmove and hoping for the best. It’s about covering all bases including those places you might not even look at yourself. This is why I believe in social media. I believe in client lists. I believe in video marketing and 360 tours. We need to cast our net far and wide in order to make sure we have the best buyer for you! Choose an agent who will give you full exposure. Refuse to settle for less.
Do you want to get the best price for your home? If so make sure your home appeals to a buyer's emotions. That’s why we call it an emotional price. Make sure it stands out from the competition.
If you would like a free bespoke plan on how to do this, please call me. I am here to help. I love to help. You can reach us on 01524 843322. Alternatively, email me at michelle@jdg.co.uk
Thanks for reading
Michelle
