Don’t Fall for These Valuation Myths for Your Property
In this quick read, we delve into the importance of accurate valuations – and how to price your property with precision.
Don’t be tricked into high listing prices
The saying “stick it on high and wait for offers” is a common myth that doesn’t align with current market trends. A listing will gain the most attention within the first 48 hours of going live. If priced too high, prospective buyers will ignore it, and it may be viewed as an unworthy purchase. Be wise with your pricing strategy; you want to be ‘in’ the market, not just ‘on’ the market.
Estate agent leaflets: Fact or fiction?
You may receive countless leaflets claiming there are numerous buyers for your property, but how often is this true? In slower markets, such claims may be baseless. The key phrase to remember is, ‘Evidence breeds confidence’. This can be in the form of comparable properties in your area that have sold for a similar price and within a reasonable timeframe. If the claims lack proof, save the planet and pop the leaflet in the recycling!
Online valuations: A rough guide
Online valuations, especially on property portals, might tell you your home is worth more than it actually is. These are, at best, educated guesses – hence them being dubbed ‘guesstimates’ by agents in the know. Nothing can replace the knowledge and expertise of an experienced estate agent who can give you an accurate, personalised valuation.
Beware of next-door syndrome
Just because Bob and Janet’s house next door went on for £400,000 and yours is much better doesn’t mean yours will fetch £450,000. Analyse the complete picture. If their house has reduced its price several times and is still on the market after 11 months, a higher price for yours may not be realistic.
Trust in honest, experienced estate agents
At Beercocks, we believe in honest, transparent valuations.
We’ll guide you through the entire process, present you with comparable evidence and ensure you understand every step.
Don’t let myths take you down the wrong (often painful) path.