Why you should not be swayed by a high valuation
When you’re selling something, it doesn’t matter if it is a used item on an auction site or your home, you always want to get the highest price possible. But what if that highest price ends up not being the best solution, and could in fact cost you more money in the long run? When selling your home, you should never be swayed by a high valuation.
The property market moves in ebbs and flows; sometimes it works in your favour and sadly other times it doesn’t. When undertaking a valuation, it is important to us that we get the balance right between achieving the highest possible purchase price for you and also having complete confidence that we can achieve it.
Unfortunately we recently have been meeting vendors who have fallen victim to a high valuation. But what do we mean by this, and how can a high valuation be a bad thing?
Estate agency is a competitive market, and each agent who you invite into your home wants to win your business. The difference being that our objective is to sell your home, whereas in some cases, another agent is simply looking to list it. In this case the agent will overvalue your home, knowing that an attractive offer will be hard to resist - if they can get you so much more for your home, why would you turn them down?
A property will only sell if you get a buyer. Buyers today are savvy; they will have done their homework, done their research on the property portals and probably viewed a number of other houses before walking through your door. They will already have an idea of the value of similar properties in the area, and will make a judgment on how they think your property sits within that market.
So what happens if you house has been overvalued?
To begin with, you may struggle to get viewings, as those savvy buyers will be turned off by the asking price of your property and therefore will pass your home by. As viewings become stale, you may start to feel pressure from your estate agent to consider lowering the asking price to attract more people through the door.
What most people don’t realise is that at this point the damage has already been done. Buyers will know that the asking price has been lowered, and some may decide to view but many will wonder why. By now, your property will have been on the market for a few weeks, and the longer it sits there the more people will start to wonder why. Is there a problem with your home? Why has no one bought it yet?
The pressure to sell will continue, and you may succumb to lowering the price further. By now you will be feeling angry and frustrated, and your desire to move has now become a thorn in your side.
We know that moving home can be stressful and we want it to go as smoothly as possible, which is why you’ll always receive an honest valuation that reflects the state of the property market at the time. It may not be what you want to hear, but we know how to get your house sold for the highest price possible. Our trained negotiators are skilled at getting to know potential buyers and how to gauge their situation and interest.
Choosing the right agent is crucial. If you want to see a sold sign outside your home, be sure that you aren’t swayed by a high valuation and instead choose the agent who can get the job done.
Book a valuation of your property today by calling your local branch of Bidmead Cook.