It’s well known that property purchasers will try their luck at obtaining a lower price than the advertised figure for their desired home.
The process of haggling can be a particularly trying experience for the person selling their property, and here at Tepilo we want our legion of sellers to be prepared for the inevitable notion of haggling.
Research released by Which? Mortgage Advisers has revealed that when it comes to buying property, a high proportion of Brits are willing to haggle for a lower price than what's originally on the table.
The research showed that nationally, 73% of homebuyers wished to negotiate the initial asking price, offering less than what was being advertised, with those purchasing property in the Midlands and Wales the most likely location to negotiate.
The process of negotiation can be a difficult one, as buyers and sellers will naturally want polar opposite outcomes, but a trained property professional on your side when selling will be invaluable to you.
As a seller, your primary aim is to get the best price for you home, but we like to also ensure that our sellers are aware that while getting the highest price is important, it shouldn’t always be the overriding factor considered when making a sale.
Ensuring that your buyer has an Agreement in Principle, a mortgage guarantee given by the lender, can be vital in reassuring you that they have adequate funds go through with the sale.
It’s also worth knowing whether your prospective buyer is part of a chain before accepting any offers. If your buyer relies on another sale then this could potentially put you in a disadvantageous position. First-time buyers, buy-to-let investors and some cash buyers are traditionally less likely to be part of a chain.
On the upside, the research found that although 73% of buyers may wish to negotiate the asking price, when it comes to the price that was actually paid, the majority of sellers are likely to achieve their asking price or above.
A quarter of home buyers surveyed by Which? who paid the full asking price or above revealed that the chief reason for doing so was due to a high level of competition for their dream home, while 20% claimed they had been involved in a bidding war.
Having stiff competition is a sure-fire way to drive the price of your property upwards, so make sure your property is looking top dollar, both in its range of marketing photographs and before a viewing.
A well-maintained, clutter-free, homely environment is more likely to attract viewers in their droves, so do your best to maximise your property’s potential ahead of the viewing.
Ultimately, you want as many buyers as possible fighting over your property, leaving you to reap the monetary rewards when the sale is accepted.