Factors that determine Price when Selling your House

Although it is undisputable that the best way to determine the asking and selling price of your house when selling is through carrying out a valuation, there are other factors that need to be taken into account.

These are factors that are beyond your control yet they have a huge impact on the price of your house and effectively, how fast it will take to sell the house. Here are factors that you need to consider and use them to your selling advantage:

  • The presence of good schools

If your house is located in close proximity with a school, you will do well to keep an eye on Ofsted reports that mainly offer a review of state schools. You will do well to monitor the reports carefully because over time, good schools could become bad schools and bad schools become good school. This means that you should not settle on the initial report. Generally, parents will be more willing to pay a premium to get their kids in a good school by moving into the area at regardless of cost.

  • New employer

When there is a new employer in the area that is recruiting new staff there will be an increased demand for houses. Consequently, this will drive the prices for houses up. When this happens, you can be sure to sell your house for a premium.

  • Property shortage

This is basically founded on the law of demand and supply. If your house is situated in an area where the demand outstrips supply, then the prices of property will go up far beyond the value of your property.

  • Changes in taste

A change in fashion and taste will affect he price of houses over time. For instance more than twenty years ago, Victorian house were not liked by the majority of people. However, over time, people began to appreciate the large rooms with high ceilings. When this happens, you can be sure to fetch a good amount from the sale of your house, as it would probably be among the few units available.

Although property valuation is usually done to guide you in pricing your house, other external factors may have an influence on your property. Therefore, you need to take time to study your property and the market as a whole before settling on a price.