Ed Mackenzie SmithToday’s market; full of choice in a digital landscape, requires a different approach to pricing property than previously.

Buyers have changed how they search for property. Prior to the online world we now live in, buyers would readily communicate with agents and, even if a property was optimistically priced, dialogue ensued and buyers could be persuaded to view a property, leading to an offer. This process worked well, with negotiations on price eventually leading to a sale being agreed.

We now have a situation where buyers will ‘view’ properties online in the first instance, either through a portal such as Rightmove, or an agent’s own website.

Unless asking prices are accurate, prospective buyers will dismiss opportunities.

This can often lead to a situation where, although a property might receive hundreds of ‘viewings’ online, very few physical viewings take place.

It is, therefore, crucial to place as much importance on the accuracy of a valuation and pricing as to the marketing of the property itself. All the glossy photography, professional floor plans and other marketing collateral will be undone if the property is overpriced by any great degree.

Our view is that whatever the true value of a property; the asking price should quote no more than say 2-3%. Most buyers will pay the maximum they can to get the best property.

Overpricing your home can take your property out of reach and this should be avoided in current market conditions.

For an up-to-date valuation of your home, or to speak with one of our team, click here.