How do I decide an asking price for my property?

Are you thinking of selling your home?  Are you wondering how to decide the correct price to market your property?  Have you had different valuations?  How do you go about choosing the right price for your house?  Who do you trust?

If this is you, and you are wondering exactly how to go about deciding on the best price for your property, keep reading.  We will attempt to make this decision much easier for you, so that you will have the peace of mind you need, knowing you made an informed decision.

The launch price of a property is very important.  It should not just be a random figure pulled out of the air.  It should be carefully thought through and researched.  If the property is over-priced, you risk losing out on the initial influx of interest when the house is first launched.  If it’s under-priced, you can’t really decide to increase it at a later date and it will annoy potential buyers who view with the asking price in mind only to be told the current offer is €100k more!

It has been proven that over-pricing at the initial launch can be detrimental to the sale of your house.  An over-inflated price means less, if any viewings, meaning a reduction in price will be necessary further down the line.  A reduced house never gets the same amount of interest as a house that is new to the market, so the most vital marketing opportunity has been lost.  An honest valuation is always the sensible option.

Here is our guide to help you make the right decision: –

“You only get one chance to make a first impression”

  • We recommend that you get a minimum of 3 valuations from different agents

It’s always worth doing your homework before you put your house on the market.  Even if you have a particular estate agent in mind, it’s still worth getting 3 valuations before you instruct them.  3 valuations give you a better gauge from which to decide on your price.  Let’s say, for example, that all 3 valuations are very different – you could find the average price and go with that.  If, say, two of the valuations come back similar and one is way out, the chances are that the two similar valuations are more accurate.

Be wary of over-inflated valuations from agents that want your business!

  • Take some time to do some online research

Daft.ie & MyHome.ie will give show you available properties for sale in your area which will give you a feel for the market.   The property price register has details of all properties sold in Ireland since 2010 and is a valuable tool.  If you live on a street where all the houses are similar, it is much easier to work out an average price.

If you are lucky enough to have a larger or more individual property, try and find properties which are a similar size and age to yours in your area.  What did you originally buy the house for? What percentage have property prices increased by since then?  All these pointers will help you when deciding on your price.

  • It’s true what they say – follow your gut feeling.

Make sure that you pick an estate agent who makes you feel comfortable and is someone you can trust.  Your gut feeling will tell you whether they are honest and reliable.  Don’t fall for someone who offers you the world and ‘talks the talk’.  Choose the agent that gives you honest advice, even if it is not necessarily what you want to hear.  The truth is always better.

  • Last but not least – allow for a small percentage reduction.

At least one in every 5 properties will sell for up to 5% less than the asking price so bear this in mind when pricing your home.  If you absolutely NEED to achieve a certain figure, set your price just above.

We hope this guide will help you to make a more informed decision.

The bottom line is, “Trust your instinct and don’t over-price!”

Have you ever struggled to sell a house?  Was it connected with the asking price?  Did you have to reduce the price?  What was the outcome?  Do you have any of your own ideas or tips on this subject?  We would love to hear from you.

Send us an email at info@haines.ie   or give us a call on +353 1 2845677

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