Pricing your property: how to get it right in Manchester

Manchester's property market is booming at the moment. Homes are selling three times faster than in London and prices are up by more than 7% since last year.

Understanding what makes the property market tick can help you to price your home properly. Here are a few tips to ensure you set the right value.

First things first: get a valuation

You can figure out what your property might be worth by looking at the sale prices of similar homes in your area. This is a good way to get a ballpark figure, but for a really accurate estimate, it's best to call in the experts. As well as looking at the local property market, they'll also consider your home's unique features, including the state of repair and how it's decorated.

Don't go in too high

With the property market being the way it is, you'll probably be tempted to stick an extra ten percent on top of the valuation price. Not so fast. Most buyers will be looking at a few properties in your area and will have a good idea of what yours is worth. Pricing your home too high runs the risk of it sitting on the market while people ignore it in favour of more reasonably priced options. You might also get bogged down during the negotiation. If it does come to that, we've got some tips on handling your negotiation like a pro.

Leave some wiggle room

Keeping your price within a stone's throw of the expert valuation can boost demand for your home, especially if everyone else is pricing theirs too high. Use social media to publicise your property and hold plenty of viewings – if you time a few of these back-to-back, different viewers will see your house as in demand, and you might just kick off a bidding war.

Round down for search algorithms

When buyers search for properties online, they choose their price range from set value categories, usually divided by levels of £10,000. You can set your price to take advantage of this. For example, if your home has been valued at £255,000, more people will see it if it's listed for ‘offers over £249,000’, as you'll catch those with a budget of £250,000.

The key takeaway? In Manchester's current market, you can definitely add a bit more to your asking price – just don't get carried away.