Telford is a great place to buy and sell property, but with such as active market it is always really important to get the asking price right.

We were talking in the office this week about how people are often tempted to put their house on the market for the highest price possible, with the strategy that they can lower the price if it doesn’t sell within the first few weeks.

There are a few reasons why that is not a good idea!

Most importantly, a top-heavy asking price will put viewers off during the crucial days and weeks after its launch. Our statistics show that the vast majority of interest comes within the first three weeks of marketing, and you risk wasting that spike of interest if your price is too high.

So a couple of months later you decide to lower the price. But the trouble is, your potential buyers will have noticed that your property has been stagnating on the market so their interest will have cooled significantly. What’s wrong with that house to make it stick on the market for so long, people may think.

If you decided to set an asking price of, say, £320K when your agent advised a price of £300K, in all likelihood you will now need to lower it to BELOW £300K to encourage people over the threshold.

A better strategy is to set a lower asking price at the outset. You will then be flooded with interest and when the offers start rolling in, you have the bargaining power to push the bids up to the price you wanted in the first place.

Give me a call on 01952 290 163 for more advice!

James

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