CASE STUDY: How to sell when similar properties are sticking
We recently sold a property in an area that had very similar properties for sale, valued at the same price that are not selling. We received multiple viewings and an offer was agreed within 24 hours of going onto the open market.
The Property:
The property is a modern three bedroom semi detached home in Sittingbourne. With two bathrooms and a pretty landscaped garden, that is in lovely condition. The property had been valued at £325,000.
The Problem:
The vendors needed to move, and to achieve as close the £325,000 as possible in order to make their next next step. The problem was that in their local area there were three similar properties on the market, in a similar condition that were priced at £325,000. These properties have been on the market for some time, without going under offer.
The Solution:
We had two options, we could try it on the market at, or around £325,00, see if it got any interest. If it didn’t, we could reduce the price and try again. However, we felt with so many properties on the market and not selling, this would not be an effective strategy to get the best price for these vendors.
We felt that a more effective approach would be to market the property for offers in the region of £300,000 and £325,000. This would reach more buyers as it reached over a number of price points. It would also make our property seem very attractive as it was potentially £25,000 cheaper than anything similar that was on the market in the local area. We were confident that we could negotiated any low offers to, or above the price the vendors would accept.
The Result:
Within 24 hours of this property coming onto the market, it had received five viewings and two offers, both well above the lower range of the asking price. We finally negotiated an accepted offer which was in the upper end of the price range, and well above, the asking price if we had listed it for £325,000 originally and then had to reduce the asking price.
Try a marketing solution that gets results:
If you are considering moving, and are concerned about how you may get the best price for your property in the current market, have a chat to the team at Harrisons about a free, no obligation Marketing Advice Meeting, to give you a clear marketing strategy for getting the best price for your home. Call us today on 01795 474848.