Simply put, when it comes to selling a property, it typically comes down to price. There are some telltale signs that quickly indicate whether the property is overpriced, and this knowledge will put you in a better position when you’re looking for a property to buy. It could be a welcome change to find out that a property you love is actually considerably overpriced, and not just out of your budget.
How Long Has It Been On The Market?
Usually, the first month being on the market is when a property will generate the most action. When this frenzy of activity dies down, and the property ends up being on the market for six months, it can become stale. Often, an overpriced property that has been on the market for more than 60 days isn’t correctly priced.
What Condition Is It In?
A property that is priced according to improvements and amenities is highly unlikely to be accurate, especially if the owner happens to be insistent on selling at a price based on their investment in the property, rather than any value they have added. If the case is reversed, then a property in a poor condition which is trying to match the price of higher-quality properties in the area is likely to be overpriced.
Does It Match The Value Of Neighbouring Properties?
If the property next door is worth a fraction of the property for sale, then something isn’t quite right. It’s worth taking a look at current listings and properties which have recently been sold, as this should give you a more realistic view of the local market. Remember, what properties are listed as isn’t always what they are sold for.
Where Is It?
Location is everything when it comes to property. This acts as an extension of being able to properly evaluate the local area, but properties with a similar footprint will typically be valued differently according to its location. A less desired area of town is not going to achieve anywhere near the same selling price as one that is on the trendiest street in town.
Essentially, a property that is overpriced won’t sell. This can be an opportunity, however, if there have been no offers and the property has been on the market for a few months. It is worth making an offer, but there isn’t any point in making one that may be insulting to the seller. If you need any further advice, it’s best to seek advice from conveyancing solicitors a Manchester solicitors firm that knows all the in’s and outs of the trade.