Did you know that estate agents do not actually perform ‘property valuations’? All an estate agent does is provide an informal opinion of what a property might sell for – meaning that there is no obligation in law for their opinion to be accurate. If you rely on the agent’s property valuation, the chances are you will be taken advantage of. High street agents are known to over or undervalue properties for their own gain and here is why:
Most potential sellers react positively when an agent flatters them with an exaggerated opinion of what their property is worth. The issue is that once you are locked into a contractual agreement with the agent, a reduction in price will be the only way to entice any serious purchasers. Due to this slow start, a lot of buyers have already been alienated meaning you will be in danger of selling the property for less than you deserve.
Property valuation is fundamentally a guessing game and until your property is sold, nobody can guarantee what price you will achieve. The best anyone can do is make use of the information available and take an educated guess as to what purchasers may be willing to pay.
Instant online property valuation tools will give you an indication of what your property may be worth. This is a good starting point when deciding how much to market your property for. I would recommend using Griffin Residential’s Online Valuation Page for a quick instant valuation.
Research the sold price of properties similar to yours in the local area. The best way to do this is to look at data provided by the Land Registry. The Land Registry is a government department who provide the results of all residential property sales.
Many websites give direct and free access to the Land Registry Data – including Rightmove and Zoopla:
Research the price properties are being marketed for locally and how long they’ve been offered for sale. The best places to look would once again be Rightmove or Zoopla. Property portals make it so easy for purchasers to spot a property that is overpriced, so it is vital that yours is priced competitively. Overpriced properties will not entice serious purchasers.
Finally, decide on the positive or negative influences of your own property, these may include: - distance to local amenities and transport links, internal décor, size of the garden, off street parking etc.
Ultimately the valuation of your property is determined by how much a purchaser is willing to pay for it. At Griffin Residential we have developed an optional ‘Show Bids’ tool, which allows purchasers on our website to see the current offers on your property.