Our guide to pricing your home
Selling your home is a major milestone, and one of the most crucial decisions you’ll make is how to price it. Read on for our guide on how to get the price right.
At By Design, we know that setting the right asking price can be the difference between a swift, successful sale and months of frustration. Here’s our friendly guide to getting your home’s price spot on.
How do you price your home?
Pricing your home is both an art and a science. The process starts with a detailed valuation by an experienced estate agent. We look at:
- Recent sales of similar properties in your area
- Current local market trends and demand
- The condition, size, and unique features of your home
- Any improvements or upgrades you’ve made
A good agent will also consider wider economic factors and buyer activity in your neighbourhood. At By Design, we combine our local expertise with up-to-date data to recommend a price that’s both competitive and realistic.
Why is pricing correctly so important?
Getting the price right from the start is vital for several reasons:
- Attracting buyers: Today’s buyers are well-informed and have access to plenty of online resources. Overpriced homes are often ignored, while a well-priced property will generate more interest and viewings.
- Reducing time on the market: Homes priced accurately sell faster. Overpriced homes tend to linger, and the longer a property sits unsold, the more buyers start to wonder if something’s wrong with it.
- Maximising your sale price: You might think starting high leaves room for negotiation, but in reality, homes that need price reductions often sell for less than those priced correctly from the outset.
- Smoother transactions: A fair price attracts serious buyers, leading to smoother negotiations and a quicker, less stressful sale.
What do the numbers say?
The statistics are clear: pricing your home right makes a huge difference. Recent research by Rightmove tracked 300,000 newly listed homes and found that:
- Properties priced correctly from the start had a 63% chance of selling within four months.
- Homes that needed a price reduction only had a 32% chance of selling in the same period.
That means you’re twice as likely to sell if you get the price right the first time. Overpricing not only reduces your chances of a sale but can also mean your home stays on the market much longer, often leading to further reductions and lower final offers.
How long does it take to sell?
When priced accurately, homes tend to sell much more quickly. Overpriced properties can sit on the market for months, while those with a realistic asking price often attract offers within weeks. In today’s market, where buyer demand remains resilient but competition is strong, a well-priced home stands out and sells faster.
In summary
Pricing your home right is the single most important step you can take when selling. It attracts more buyers, reduces stress, and maximises your final sale price. Trust your local experts at By Design to guide you through the process with honest advice and a keen eye on the market.
Thinking of selling? Get in touch with By Design today for a free, no-obligation valuation – and let’s get your home sold, the right way!
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