Frequently Asked Questions: Is Your Property Priced Correctly?

How to Know if Your Asking Price Is Right?

If you're thinking about selling your home, one of the most important decisions you'll make is setting the right asking price.

Price your property too high and you could discourage buyers, reduce the number of viewings and leave your home sitting on the market. Price it too low and you could risk giving away valuable equity.

So, how do you know if your property is priced correctly?

The right asking price isn't simply the highest valuation an estate agent gives you. It should reflect what buyers are realistically prepared to pay for your property in the current market, taking into account comparable properties, location, condition, demand and your property's individual features.

At Mi Homes, we believe that getting the price right from the beginning is one of the most important parts of a successful sale.

How should I price my property for sale?

There is no single formula that can accurately value every property.

Two houses on the same road can have very different values because of their condition, size, layout, garden, parking, extensions, views and potential.

A sensible pricing strategy should therefore combine local market evidence with professional judgement.

A good estate agent should be able to explain why they recommend a particular asking price, rather than simply giving you a number.

Ask:

“What evidence supports this valuation?”

and

“What do you think buyers will actually pay?”

These are often more useful questions than simply asking which agent values your property the highest.

5 signs your property may be overpriced:

1. You're getting very few viewings
If your property is well presented and being properly marketed but enquiries are low, your asking price could be discouraging buyers.

2. You're getting viewings but no offers
If buyers like the property but nobody is prepared to make an offer, ask for honest feedback. Price is often part of the equation.

3. Similar homes are selling for less
Don't just look at what other properties are advertised for. Look at comparable properties that have actually sold. The asking price isn't necessarily the price a buyer will pay.

4. Your property has been on the market for longer than expected
If similar homes are attracting offers while yours isn't, it may be time to review your pricing strategy.

5. You've already reduced the price
Repeated price reductions can suggest the original asking price wasn't aligned with the market. In many cases, getting the price right at launch can create more interest and stronger offers.

Should you choose the agent with the highest valuation?

Not necessarily.

A high valuation may sound attractive, but what matters is whether buyers agree with it. A good estate agent should give you an honest, evidence-based valuation and explain how they've arrived at the figure.

This is particularly important in areas such as Southgate, Winchmore Hill, Cockfosters, Barnet, Hadley Wood and Oakwood, where property values can vary considerably between roads and individual homes.

Thinking of selling?

If you're wondering “How much is my proerty is worth?”, Mi Homes can provide a free and honest assessment of your property's current market value and recommend the right pricing strategy.

Whether you’re ready to move or just beginning your search, our friendly and experienced sales team is here to help.

Contact us on 020 7323 9574 to find your next home in North London or Hertfordshire.