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Why Over Valuing Properties Causes Misery

Here at Coppenwall we pride ourselves on Valuation Accuracy. This has meant we have an extremely high valuation accuracy rating achieving an average of 96.4% of the original asking price. Stats from GETAGENT.CO.UK.

When houses are priced realistically, they sell much quicker. Coppenwall has an average selling time of 4 weeks.

Some agents do have a tendency to overvalue properties. This can have a catastrophic effect, not only to your own sale time but to the property market as well.

The reason for over valuing is mainly to secure your business. This can however give you unrealistic expectations of your homes value.

The Rossendale property market is booming at the moment.

With affordable property prices and out of town buyers the Rossendale valley is becoming an extremely popular place to live.

We’ve noticed that if a property is marketed at the right price, it should only take a few weeks to sell.

This information is based on a standard property priced between £85,000 and £280,000. Properties at slightly higher prices do take longer to sell, as your audience is reduced to those that can afford a higher priced property.

Delays

The main problem when receiving an over valuation is the time lost from the initial launch on the market, to a viewing taking place, this in turn delays offers and disrupts the whole selling process.

TIME is vital when selling a property, an over valued property will not get the traction it deserves in its first launch week. After time your property will become lost in the endless listings online.

This can also create the impression that something is wrong with the property or that the property is undesirable.

Survey

Another negative to an overpriced property is the down valuation at survey stage.

This is when the bank visit the property carry out a valuation and don’t think the property is worth the amount the buyer is paying.

Lenders usually come to this conclusion by researching: condition, area and similar properties sold nearby.

This is a MAJOR issue as this can cause both buyer and seller emotional distress.

More properties fall through due to down valuation than any other issue at survey stage.

When a property falls through due to a down valuation the property may need to be re-marketed and this means starting the selling process again.

More info here: https://coppenwall.com/hub/2018/07/27/down-valuation-affect-my-house-purchase/

Coppenwall Property Valuations

Coppenwall utilise the same valuation research as a surveyor would.

We value using comparable properties, the area as well as taking into consideration internal property condition and square footage. This ensures over valuing doesn’t cause you or us a headache.

We are one of the fastest selling agents in the Rossendale valley.

We achieve an average of 96.4% of your asking price. The team at Coppenwall work extremely hard to ensure we sell your property for the best possible price in the quickest possible time.

Give Coppenwall a call for an accurate and realistic property valuation.

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