Vendors with an overambitious idea of their home’s value are facing a reality check when they hit the real estate market — while the dwindling numbers of those prepared to make an offer are becoming more determined than ever to haggle on price. There are quite a few but significantly important steps you can take to help the sales process move along smoothly yet with no problems or delays
Read the local real estate news, trends and conduct a deep research into recent property sales in your area. This can help you to understand the local market and get a more accurate sense of the market prospects. It can take several weeks or months to acquire this important property market data nevertheless, ARENCORES professionals’ knowledge and property intelligence framework will help you set a realistic asking price for your property. What you want to say to your ARNCORES agent is: ‘Can you tell me exactly what you’ve sold in my price range in the past six months and what the discount to asking price was?’ Then you’ll get some idea of what a realistic price is.”
If you decide to sell your property at a price that is too high from the average, it may not attract many offers. Setting a more realistic asking price can be more appealing to offers, putting you in a stronger position to negotiate with the perspective buyer. However, with a plethora of information and data available it is not hard for the buyers to identify when a property has been marketed at too high price. Dropping the price should generate more interest. Nevertheless, if a repriced property is seen by 20 potential buyers and fails to attract an offer, the vendor may need to think about going further.
While not essential for all properties, having your property in a clean and good state of repair may boost viewings and bring many prospective buyers on your door step. Finishing any repair or renovation jobs before you go to market can help you present your property at its best. For more information on how to prepare your property for viewing read our guide to preparing your property for viewings.
You should also assume that prospective buyers will be thorough and ask to see all the documents you have relating to the property. Having this paperwork ready will enable you to produce it on request and move the process smooth and efficient. Having building regulation licences, the Energy Performance Certificate and any other official documentation available, could mean that unnecessary delays are avoided.
Be honest and truthful
Avoid providing false or misleading information, and make sure to be truthful with any property fault in order not to put at risk the offer that has been made. It is the seller’s duty to disclose any information about the property that may influence the prospective buyer’s decision.
Keep in regular contact with your estate agent and lawyer. Always respond to all correspondence and return phone calls on time.