Should I sell my house now?
In your area how fast are prices falling?
It may be a good time to sell if you're trading up. Do try to avoid asking too much. Buyers today will tend to avoid overpriced properties.
Are sales slow?
Where do you pitch the asking price? You want the best price. You don't want to undersell but you don't want to wait indefinitely.
Is selling taking too long? Does it pay to wait?
Should you reduce the price? Or should you hold out and hope to find the "right buyer"?
"I could end up selling it for less than it's worth..."
It's a hackneyed saying but true - "it's only worth what you can sell it for."
Looking back to when it was worth more, can create a psychological barrier to selling now and buying better.
Credit crunch, fewer buyers, suppressed mortgage supply. It's a totally different climate. And it does't look like changing soon.
When can a reduced price be a benefit not a cost?
- When selling is difficult, it's usually down to price
- This also applies to the home you buy. You could drive a hard bargain
- Sell for less, buy for less. Aim to gain more than you lose
It could be a winning financial combination.
The main issue. Is your price too high?
- Agents' valuations can vary hugely giving no realistic guidance. More below
- Some asking prices may be too high. If they aren't being achieved, it gives a totally misleading impression. Check media comment, look at Nationwide, Halifax, Rightmove, Hometrack
Will waiting for the "right buyer" achieve your price?
Buyers shop around. They'll usually know if similar homes are available cheaper. In a buyers' market overpriced homes simply don't sell.
Only if your home is totally unique could it pay to wait. In judging this try to be objective.
Check out the market, sale prices, how long to sell
You need to know the level of asking prices buyers are seeing when they shop around. And how much they're actually paying.
- Look at asking prices and market comments (Rightmove) and if prices are moving up or down (Nationwide, Halifax)
- Check typical agreed sale prices (may be renegotiated) and how long to sell. Is it increasing or decreasing? (Hometrack)
- Check the market in your town or city, look at averages for recently completed sales. Actual selling prices
Asking too much is likely to discourage buyers and result in no sale.
Research local prices. Compare similar homes
Varying agents' valuations don't help judge price
It leaves you having to make your own checks. Huge differences were found in a Which? Survey reported May 05. See panel.
Should I sell my house now? Focus on your local area and own home
Some sites provide Land Registry data by region or town only.
Compare prices in your local area down to postcode sector, around 3,000 homes, sourced from Land Registry data. See panel.
Compare individual prices of directly comparable homes by address. This information is provided by Land Registry and available from several sites. See panel. See how much to sell for
Ask your agent for an updated valuation
After completing research, ask your agent for a realistic view. How much can you sell for in the current market?
