Did you know your house has three values?
YOUR HOUSE HAS THREE PRICES?
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?
EMOTIONAL PRICE
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.
PROBABLE PRICE
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. Let’s break that down. The average price for a terraced house in BR3 (2017) is ￡560,000. 15% works out to be ￡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.
Read our Blog What Makes a House Sell? and Top tips to staging your home for more info!
Written by Remzi Mehmet – Director @ The-Address
Managing Director of Mark Stern Properties Ltd
7 年This is why NOW is the best time to use a High Street agent. Someone who cares about selling your property for the best price. An internet agent works in a rising market where bids are flying in, but in this market you need a knowledgeable hands on estate agent.
The Brand Within Me is a ground-breaking book on Personal Brand.
7 年So true, Remzi. Might also apply to how vendors choose any agent. Those that can trigger an emotional response in the potential vendor will achieve better results. For themselves and their client.