Sale Price of Property

publication date: Sep 2, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Sale Price of Property

Property Sales Price

The first thing to understand about a property sales price is that unless you are selling to an investor or a company, predicting the final sales price of a property is more likely to be an art rather than a science! Over the last twenty years I've seen and been involved with lots of property sales, some my own others on behalf of companies, clients or indeed while researching specific property sales prices, to better understand them.

Many people (including the professionals, such as agents and developers), but especially buyers and sellers are convinced there is one price for a property. They are wrong! If you followed property sale prices from the time a property is marketed to the time it is sold, you'd find that often there can be up to six different property prices for just one property!

In the main, a buyer will have a view on what the property sales price is worth. This will typically be less than the seller thinks the property is worth and finally, there is the lender who along with the surveyor may have a completely different view to both the buyer and seller!

At the end of the day the truth is, a property to a buyer is only worth what they can and are willing to pay for it and to a seller it is what they are willing to accept. Sometimes, buyers and sellers negotiate enough to make an agreement, other times, they don't and that's when sales fall through, or just don't happen at all.

Interestingly, much of the buyers' and sellers' choice of valuation doesn't always have anything to do with the estate agent, despite the fact they are often blamed for driving property prices up. I find it quite odd though that the agent is never blamed (just told 'it's their own fault') for driving properties down, surely if they can drive prices up they can drive them down again?  The truth is they can't, if a buyer doesn't want to offer more for a property and the lender won't lend them enough money, and then they can't offer. If the seller doesn't want to accept a sales price for a property, they don't. The agent is the last professional in the chain that can influence the price.

Need help estimating a property sales price?  Read our articles:-


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