Why selling your home for a fixed price isn't a bad thing
If you’ve kept an eye on the Scottish property market in the last few years, you can’t have failed to notice the headlines around house prices – particularly when it comes to the Scottish offers-over system.
In a seriously competitive market, buyers are prone to bidding over a property’s valuation, inflating prices by sometimes more than 20%, and meaning that homeowners could walk away with a very healthy profit.
It would be natural for homeowners to therefore expect a similar result when selling a property today, but as with many things, the property market has ebbs and flows.
In the current market, it’s less likely that a property will attract premium overbids. Every property is different, and your solicitor estate agent will be able to guide you on your own individual circumstances, but generally (and as you’ll see from ESPC's most recent House Price Report), properties are selling for much closer to their Home Report valuation.
In recent months, the number of properties listed for sale with ESPC at a fixed price has risen by as much as 58%, but this isn’t necessarily a negative thing.
In fact, choosing to list your home for a fixed price can offer a variety of benefits that you might not have considered – especially if you’re planning an onward purchase.
Instant budget indicator
Marketing your property for a fixed price can give you an instant indicator of your budget for your next property purchase. Many homeowners choose to wait until their current home has gone under offer before beginning the hunt for their next property, which can result in a slower housing market with less properties available to choose from – but is completely understandable, if you’re not sure if your home will sell for 5% or 15% above its Home Report valuation. Setting a fixed price means you know exactly what to expect for your property, allowing you to work out your budget and begin the search for your next home quicker.
Potential for a speedier sale
Speaking of speed, listing your home for a fixed price may also result in a speedier sale. A fixed price property is an attractive prospect for buyers who want to move quickly – no threat of closing dates or holding out for premium bids, just a straightforward offer and acceptance is all that’s required.
A speedy sale also makes you more attractive as a buyer for your next home, so it’s certainly worth considering in a slightly slower market, if you’re keen to get a move on (as it were).
A stand-out property
In a competitive market, choosing to sell for a fixed price could also make your home stand out to buyers over similar properties, so it’s worth considering it as a marketing tool.
You may choose to list your home for an offers-over price originally, but your solicitor may advise you to move to a fixed price if the market means your home isn’t selling as quickly as you’d like. It’s a great option to have, to refresh your property online to new buyers and let prospective buyers know that you’re serious about selling and want to move quickly – all very attractive elements!
Trust your solicitor estate agent on a pricing strategy
As ever, it’s imperative to trust your solicitor estate agent to choose the right pricing strategy for your property. With access to in-depth local market knowledge, they will know what should work best for your home and your circumstances.