The Importance of Accurate Pricing

When it comes to achieving a quick and successful sale, accurate pricing is key. Time and time again, sellers and their agents have made the costly mistake of setting unrealistic asking prices which have deterred viewers and resulted in properties lingering on the market and becoming stale.

Due partly to an increasing presence of online and hybrid agents in the marketplace, competition amongst estate agents is at a record high. We note that this battle for listings has fuelled some agents to attract sellers with inaccurate and unlikely prices. In the buoyant Edinburgh market where homes are regularly achieving well above their valuation, there is now a marked confidence amongst sellers which has tempted many to consider taking a gamble by pursuing an ambitious asking price.

However, instructing an agent based on their promise of an inflated price, can often lead to disappointment. With ready access to market information online, buyers are savvier than ever and are often well educated in the recent prices achieved. 9 times out of 10, the first week of marketing a property draws the greatest number of viewers and these are often the most motivated buyers. ‘Testing’ a high asking price in the opening weeks of a sale, can result in subdued interest and the property remaining on the market. If a home does not sell within the typical time scale, buyers frequently assume that this is because there is something wrong with it.

As a rule, initiating marketing at an accurate price, will produce a quicker and more profitable sale than pursuing a high price gamble.

At DM Property, our experienced team of professionals will always provide you with precise and honest advice regarding what your home is worth and will supply you with solid evidence of comparable sales in your area. We will use our expert knowledge of your local market to devise the most effective pricing strategy in order to achieve the best price, fast.

To speak with a member of the team, please call 0131 229 3399 or email
propertysales@drummondmilller.co.uk.

When marketing your property, always remember to…

• Make sure the agent valuing your property provides details of recent, comparable sales in the local area in order to support their valuation.
• Ask the agent what percentage of asking prices they are attaining on average.
• Set expectations at a realistic level. Listen to the professionals as we are here to get you the best price.