When trying to sell a residential property, particularly in the present downturn, the most crucial element is always the price. This might seem obvious, however it is astounding how many home owners are currently burying their heads in the sand and sticking with a valuation which might have been sensible a year and a half ago, but which is now completely overvalued. Anybody who is serious about a residential property sale, never mind a Quick Home Sale has to accept that the value of their residential property is currently about a quarter less than it was at the top of the market in mid 2007.

So setting the right asking price is essential. Buyers are now returning to the market in adequate numbers to ensure sales are going through, but no purchaser will pay a 2007 price for a residential property bought in 2009. If you want to Sell Property Fast you have to be aware of that.

Some rules of thumb in estimating what you should expect to achieve:

1. Are there any similar (or preferably identical) properties nearby which are currently for sale? If so at what price? These are your competition and to ensure yours sells before theirs you will need to undercut their price. You must have an aggressive “Sell House Fast” strategy

2. Have there been any recent sales of identical or similar properties to yours. Real sale prices are a good pointer, they tell you what purchasers are actually prepared to pay. The sales are all recorded by the land registry as a matter of public record, they can best be accessed via the Rightmove website, by clicking the “house prices” tag on the top menu then typing in the postcode.

3. You can update actual sale prices made some while ago using these simple rules: homes are currently worth about 25% less than in mid 2007 and values are more or less the same as they were in mid 2004.

4. If you want a more accurate prediction from historical sold prices then go to the Nationwide Bank website. They provide a value calculator where you can key in the value achieved and the date achieved, the calculator automatically calculates the present day value.

5. If you can remember the price you paid for your residential property then it can again be useful to put the valuation and date into the Nationwide calculator and again it will come up with a forecast present day value.

6. Don’t be tempted to over value your residential property even if you have spent money on it. Prepare your residential property well, and be sensible about the price, and you definitely can achieve a Quick House Sale even in the present economic climate. In particular, bear in mind that new kitchens and bathrooms do not add to overall value. This is because most buyers expect that these items will have been kept up to date and refreshed from time to time during your ownership.

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This entry was posted on Tuesday, June 30th, 2009 at 11:08 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.