Did I Sell Too Cheap ?
26 Jul 2016
As an owner of a property, you will want an estate agent to get you the best possible price for your apartment. You want to feel like the person buying your property has paid the most that anyone in the world would have ever paid. How is this achieved ?
Going back only 17 years, Rightmove didn’t exist. Going back only 9 years, Zoopla (as it is now known), didn’t exist.
So what did people do to find a house to buy ? The majority looked in their local newspapers or walked into estate agents offices. This took time, the newspapers lead times for adverts could typically be around 7 days. Finding time to go into the estate agents office, could mean waiting for a day off work to go in, register to find a property, then waiting for a suitable viewing time.
Therefore a person selling their property may instruct an agent to sell, that agent may have to wait 7 days before the property appears in a newspaper and unregistered potential buyers will have to wait, and get lucky to see it. The more pro-active agents would call out to their database of applicants, hopefully having at least a few potential buyers already registered. Typically the time to sell a property was around 20 weeks.
Nowadays the vast majority of potential buyers will first look online for their new home, and register the type of property they are looking for. The most popular sites for people to start their search on are the sites, Rightmove and Zoopla.
So how does this relate to the question that all vendors ask themselves, “did I sell too cheap”?
It’s most likely correct to say that the quicker someone accepts an offer then the more likely it is that they will ask themselves “did I sell too quickly” .
But, estate agency has modernised and the online marketing of properties has revolutionised the way people search for properties, so has the speed in which properties get seen by the right buyers. Rightmove now has instant uploads so when and agent clicks a property to go live, then it goes live on Rightmove immediately, and goes out to their vast database of potential buyers.
This means that as an agent we get offers for properties within days rather than weeks, and the property has been viewed online by many more people in days, than would have viewed it in weeks in the past.
So our advice as an agent is that if you get an offer that is acceptable for your property within a few days of marketing, then don’t fall into the trap of thinking it was priced too low. It has been seen by thousands of potential buyers within hours.
In a strong market, which it currently is, if it is priced too low then you will get multiple asking price offers, and it will sell for over the asking price.
So I guess the answer to the question “did I sell too cheap”, is more than likely no.
As long as your estate agent is following up all the phone calls from the websites, calling out to their database, and getting as many viewings as they can, at the price you are marketing at, then it is very difficult to sell a property for cheaper than it is worth.
If you are looking for an honest market appraisal of your property then please call Suttons City Living on 0161 832 9922
Suttons City Living