Did you know your house has three values?
Houses prices are always a hot topic, on average vendors do tend think their house is worth more than it is. But did you know your house has three values?
This is a price potentially over what the property is worth. The buyers use their gut, they get a feeling and their feeling is to buy! These are the kind of buyers you want to target. They are willing to pay a fuller price based on their emotion and then they justify it logically in their head.
This is the price where a lot of the market will fall in to, it will be a fair price and tend to reflect the true market value. A buyer will base their offer on lots of similar properties and go for what they perceive to be the best value.
Bargain hunter price
These buyers are looking for a deal, generally they offer a quick sale for a reduced price, they base their offers on numbers and numbers only. Not always investors, sometimes just savvy buyers who want to get their home for a knocked down price. These kind of buyers generally look for houses needing refurbishment, they justify their low offer with the fact the property needs a lot of work to get it to standard.
So how do we attract the emotional buyers?
It has been reported correctly staged properties can achieve up to 15% higher prices. Letâ€™s break that down. The average price for a terraced house in BR3 (2017) is Â£560,000. 15% works out to be Â£84,000! Now that is a difference that you want to have on your side! Now i’m not saying a few new pillows will help you achieve this, far from it. But making your home as presentable as possible before marketing is essential to achieving a better price. Little things like having the grass cut, finishing odd jobs around the house, and de-cluttering will all help.
Written by Remzi Mehmet – Director @ The-Address