Is The Property Asking Price Correct?
Asking prices have always fascinated me…
At times they are priced under current market value…
At times they are priced pretty much bang on where market value is saying that they should be…
At times they are priced over current market value…
There is no set way in how someone should price their 1-bed to 3-bed property.
An asking price is simply that - a price that someone is asking for.
It does not mean that it is the actual value of the 1-bed to 3-bed property.
Value is completely and utterly subjective…
What one person may value at £2,500,000 another may value at £2,000,000…
An asking price could be low due to the fact that the seller has to sell due to an unfortunate circumstance.
It could be low to encourage lots of offers and a potential ‘bidding war’…
It could be priced high because of greed from the seller…
This so called ‘greed’ could also come from an estate agent.
After all, an estate agent has to get the instruction and by saying that their potential client’s property is worth more than it is realistically is, is sometimes used to get the instruction… This is such a wrong thing to do morally and ethically!
“An asking price is simply that - a price that someone is asking for.”
Asking prices are a large part of marketing a London based property, because if you market it at the right price, this goes a long way to attracting potential buyers…
After all, a HUGE percentage of potential buyers start their property search online, from the comfort of their own homes on portals such as Rightmove, Zoopla (other portals do exist!)…
Each sold and purchased property must be looked at in isolation…
Take your time…
Do your research into recent sold 1-bed, 2-bed and 3-bed property prices…
Offer what you feel is fair market value…