Think twice when it comes to the price.

22nd July 2018

Selecting an estate agent can be tough, sellers are often lured in by the glossy brochures, spiel, or the highest asking price! However there are some important questions you can ask to ensure that the agent you select has your best interests at heart. 

In Palmers Green there is a large selection of Estate Agents to choose from which is great for sellers. We recommend that you call around at least two to value your property. An important consideration for sellers is that some agents will over value property prices to entice sellers to put their property on with them. At Anthony Webb we always offer honest advice and valuations and we sometimes lose out as a result as some sellers can get carried away with what an estate agent says their property could be worth. Ultimately this could have detrimental effects on the final price achieved. 

Of the three most popular Estate Agents in Palmers Green Anthony Webb reduce far less asking prices because our properties are correctly priced in the first place...why is this important for sellers?

Miles Shipside, Rightmove director and housing market analyst advises: “A reduction in asking price is often a sign of initial over-pricing by estate agents and sellers, and whilst a price cut can boost buyer interest you have to overcome the negativity that arises when a property has not been snapped up quickly. Our research shows a much increased chance of a quick sale if priced sensibly at the outset, and in contrast if over- priced initially it often means a price reduction to a lower level than if it had been more accurately priced from the beginning. It can also be a sign of a falling market, where the gap between asking prices and what buyers are now willing to pay has grown. With more price reductions at this time of year than in any of the last six years, there is likely to be a combination of both initial over- pricing and failure to react fast enough or reduce by enough when initial buyer interest fails to lead to a sale.” (July 2018)

If you request a vaultion don't forget to ask the agent how many price reductions they have made recently. 

The fee an estate agent charges depends on the value that they are able to achieve for your property. Therefore the cheapest fee does not always result in the best price either. It is in the interest of both the seller and agent to get the price right in the first instance. Sellers are often disappointed when they have to reduce their property's price. They have also lost out on the opportunity to get as many buyers through the door in the first two weeks which often results in the best price.

Think twice when it comes to the price.