Selling in East Dulwich - The Importance of Getting the Marketing Price Right!
Another property sold in East Dulwich on Steen Way SE22
After initially going on the market with Foxtons and Haart instead of Fishneedwater the owner struggled to sell his house for almost A YEAR. I believe the reason for this was because the property was over valued the house which meant they struggled to get viewings and offers. It’s often a tactic for some agents to overvalue properties in order to get clients to sign long contracts. Sellers beware, if the valuer can’t provide evidence of similar properties sold in your area at a similar price then proceed with caution. If you put your property on the market in East Dulwich at too high a price, viewings will quickly dry up ( in about 2 weeks), and new buyers entering the market will left wondering why your property has been listed on Rightmove or Zoopla for so long. Currently Fishneedwater get their properties under offer in just over 19 days.
We approached the vendor again after his sole agency agreement contract had come to an end, and explained our approach to him of performance related fees and pricing the property at a realistic and competitive price in line with market conditions. We were confident if he went with our way of pricing he would actually achieve a good offer quickly even though the property had already been on the market for almost a year.
We put the property on the market on the 15th June 2015 at £470,000 (£30,000 less than what they were initially asking for). We flew out of the blocks and managed to get 10 people interested in viewing within seven days of going on the market when we received an offer £485,000, £15,000 above asking price. The buyer was not in a chain which was ideal for our client. Our Client was very happy with the offer and they ended up completing by September 2015.
The buyer was looking for a 2nd home in East Dulwich and needed something which could move quickly, so it turned out to be a perfect match. Steen Way sits off East Dulwich Grove in between Dulwich Village and East Dulwich a very quiet area close to many prestigious schools in which their children will attend, so the location couldn’t have been more ideal. What was interesting was that the buyer was looking before it came on the market with us but obviously didn’t view it with the other agent which was most likely because the asking price was too high at the time.
It just goes to show, your buyer could be out there NOT viewing your property because your asking price is too high! You will do far more harm to you chances of selling by asking too high than asking ‘too low’.
If you are looking to Sell or Let your property or just want some advice in the property market just pop into our office on Dog Kennel Hill or give me a call.