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How is an asking price determined on a property? Posted: 17th April 2023
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How is an asking price determined on a property?

 

The big question for anyone when it comes to selling their home, how much is it actually worth in today’s market?

Your asking price does play a major role in your future plans so we understand the importance of this to our clients. Maybe it will give you money for a larger deposit once your mortgage is paid off, provide you with more funds for decorating, or simply some extra cash for a rainy day or dare we even say a holiday.

But just how is your asking price determined? We answer that question within this blog, read on to find out more.

 

what is an asking price on the property market

What is an asking price?

An asking price is essentially the selling price that will be associated to your home when it is listed on the market, it plays a major role in the number of potential buyers you may attract.

Your goal should be to not only set a price that will attract interest from buyers, but also meet your own expectations.

Therefore choosing the right estate agent is vital during the process as they will need to have great knowledge of the local market, as well as a steady flow of clients to market your home to.

 

working out property prices based on the home report when selling

How does an estate agent work out your home’s asking price when selling?

However this figure can’t just be plucked from thin air, there is theory behind it.

An asking price will be set in conjunction with the formal valuation contained within your property’s Home Report, but your estate agent will also consider the location, market conditions, competition for similar properties, improvements to your home and the general condition and presentation of your property.

Extensions, improved energy efficiency and private parking are all great ways to add value.

 

changing the listing price on your property during a sale

Can you change your asking price?

This can all be subject to change though once your property is made available on the market and your estate agent will advise.

If you aren’t attracting the number of buyers expected, you can alter the original asking price to a lower price at any stage within the marketing of your home, just not when an offer has been made and accepted from a potential buyer.

 

selling your property for a higher selling price

Do buyers have to offer the asking price on your home?

House sales are generally a negotiation process unless you have a fixed price on your home.

Buyers are open to offer a lower or higher price, and this is all determined by their interest and competition in the property.

One of the most common cases in which you would be able to achieve a higher final selling price is with a closing date. This is when your selling agent has received a number of notes of interest from buyer’s solicitors and they instruct a final date and time in which their best offer for your home is to be put forward. As potential buyers only have one chance to put this forward it is common tendency to see the property sell for higher price.

How much higher is generally down to your home’s popularity.

 

sell your home within the local market in east Renfrewshire

Looking to sell your home for the best price?

At Nicol Estate Agents we have a proven track record of selling properties at their market value or higher to potential buyers, as well as doing so speedily for our clients.

Based in East Renfrewshire we have expert local knowledge of areas such as Newton Mearns, Whitecraigs and Clarkson – as well as Glasgow City Centre and its suburbs.

To discuss selling your current property and begin your new home search, please get in touch via mail@nicolestateagents or phone 0141 616 3960 to speak to a member of our team.


Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
We want our clients to be delighted with the service we provide. Listening to your needs and understanding your requirements is our starting point. To find out more about our approach to selling homes, download our comprehensive Guide to Selling your Property here.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Sales Manager Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.