19 July 2021
When you start the process of selling your home, it is likely that you will invite a few local estate agents round to provide an estimated sales valuation.
It is tempting to choose the largest valuation; after all, you are hoping to sell your home for the maximum sales price.
Or, you could opt for a lower valuation, in the expectation that this would guarantee a quicker sale.
However, an incorrect valuation can lead to untold stress and angst, whilst also endangering your next move on the property ladder and ultimately ending in a lower sales price point.
As with everything you do, having accurate information will help you achieve better results. Nowhere is this truer than when it comes to selling your home.
By opting for an accurate valuation, you actually increase your chances of selling your home faster, for a higher price. There is a lot of research to show that if you use an accurate valuation, you are more likely to sell within the first 4 weeks and if you sell in the first 4 weeks, you are more likely to get a better price.
When we talk about an accurate property valuation, we are referring to the price that is in tune with what similar homes are selling for in your area, a figure that the buyer and seller equally agree reflects the home’s value. As your Estate Agent, our job is to help you evaluate the market to properly understand your home’s valuation, and to resist the temptation to overvalue it, or to undersell the potential selling price of your home.
Many sellers assume that a lower sales price will speed up the process of selling their home; this isn’t always the case. If your property is priced lower than it should be, the potential buyers will assume that there is something wrong with the property, and that it would be an expensive fix. Rather than thinking that they could get a great deal, they may just give your home a wide berth.
A common tactic is to ask for just a bit more than the market value, just to test the water and test if there are any takers at the higher price. By doing so, you risk your property not being seen by those with the budget for your actual market value. When many buyers search online listings, they set tight parameters for budget. These could be the most qualified buyers for your home, but if you price it too high, it might not appear on their search radar at all.
Overpriced properties often end up selling for less than their final listing price, as the initial overly ambitious process eventually ends in a price reduction and a property going stale on the market. In fact, when it is price reduced, buyers will still think of that property as the over priced property, rather than it being of fair value now, thus damaging your end sales price.
An accurate property valuation will ensure you receive the maximum attention from buyers and is most likely to receive offers from multiple house hunters. It is only with multiple offers that a bidding war can start, which could lead to final offers above asking price. Had you asked for this higher price in the first place, some of those bidders might have been scared of, and not even considering submitting a bid.
An accurate property valuation will ensure that your home is seen by the most qualified of buyers for that price range, whilst maximising its appeal to these house hunters. As we always say, it’s easier to negotiate with someone if they’ve seen the house.
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