Estate Agent Valuations Explained
When you have decided to market your property, you will book a few estate agents to visit & value your property. A home valuation is built up from the following factors:
- Property type eg: Detached, Semi Detached, Terraced property
- Properties sold in the area
It’s a common misconception that estate agents dictate a price, or that one agent can get a much higher property price for you than other agents. It’s really important to understand that it’s the buyers willing to buy your property that really count. In most cases, a property that is marketed way above its true value will not sell.
Once properties that are valued too high sell, it is usual to run into problems with surveyors. If the property is not worth what it has been valued at, then the full mortgage may not be granted, and you may face having to negotiate further on your sale.
A recent post from Estate Agent Today tells us that a well priced property will sell fastest. Coppenwall Estate Agents have seen this first hand. Marketing a property at slightly above market value will achieve a faster sale. Properties that are set well above their market value will spend a lot longer on the market, and never reach the audience that the property deserves.
Valuing properties can be complex, and most vendors will certainly want the best possible price for their property. Whilst this is understandable, it’s important to be realistic.
There are certain tips and tricks to help move the sale along, certainly a well presented house will attract more attention. In some locations you may be “capped” in a price bracket. It doesn’t matter if you have a spent lot’s of money on internal rooms, the property will only sell at a price the purchaser is willing to pay.
It’s wise to test the market, and adding a pricing structure with “offers over X” may see a fairer sale value, and see a larger amount of viewings, and offers.
Be Wise to High Fees
There are patterns with some estate agents where they will purposely overvalue your property, so they can guarantee you use them. Be careful in this situation and do your research. What can happen here is that the property price will have to drop in order to gain suitable interest, and at this time you are already in a contract with that agent.
Coppenwall offer a fair and transparent selling fee, we only charge £750 to sell your home – read more on our estate agent fees page.