Wed 08 May 2019
There are many things to get right when selling your home, but placing an accurate and realistic valuation is essential. If you fail to put an accurate valuation on your listing, you run the risk of losing out on money or losing out on interest from buyers, depending on how you price your house.
At ADM Residential, we have helped many vendors sell their home, and we can help you value your home accurately.
If you are looking to sell your house quickly, a low valuation drives traffic and creates considerable interest. This strategy will see you receive a smaller amount of money in selling your home, but if your main focus is on saving time, it may be a suitable strategy. However, most vendors want to sell their house for the best price possible, which requires a different approach.
Each agent has an approach to selling property
Some agents overvalue property in the hope that a willing buyer pays the inflated price. If this strategy works, you will be delighted, but it is becoming less successful these days. Buyers are savvy, they research local property markets, and they want to get the best price possible. Don’t forget that online property portals allow users to set a minimum and maximum search when looking for a property, and if you place too high a value on your home, many buyers will not see it.
Also, while some agents have the opinion that it is okay to start with an inflated property price as it is possible to reduce it if there is no interest, this doesn’t always work. Many prospective buyers will be concerned about a notable drop in the house price, which means that many won’t develop an interest in the home.
Accurate listings help you sell your house
Therefore, the risks associated with a low valuation or an inflated valuation should indicate the importance of valuing your home before listing. An accurate listing will place your house in front of most buyers, it shows you aren’t playing games or looking to hoodwink unsuspecting buyers, and a precise valuation speeds up the sales process.
You would think the benefits associated with accurate valuations would appeal to estate agents, but a recent investigation by The Times shows overvaluing is rife. The study looked at more than 200,000 online property listings, and it many big-name agencies over-valued houses. Firms like Chancellors, Foxtons and Hamptons International were all cited as placing too high a price on homes. Concerning Foxtons, they were found to have reduced 60% of property values while the national average was 32%.
It is natural for vendors to choose an estate who places a high valuation on their property. Agents are keen to win instructions, so they will use every tactic they can to draw clients to them. In the long-term though, choosing an agent who systematically overvalues property may hamper your ability to sell your home as opposed to enhance it.
If you are keen to sell your house and want guidance from professionals who put your needs first, contact ADM Residential. We are committed to helping you sell your home in the most appropriate manner.
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